Rowen inc had pre-tax accounting income of 1350000 and a

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Reference no: EM13595466

Rowen, Inc. had pre-tax accounting income of $1,350,000 and a tax rate of 40% in 2013, its first year of operations. During 2013 the company had the following transactions:

Received rent from Jane, Co. for 2014 48,000
Municipal bond income 60,000
Depreciation for tax purposes in excess of book depreciation 30,000
Installment sales revenue to be collected in 2014 81,000

Required:
(a) Prepare a schedule starting with pretax financial income and compute taxable income.
(b) Prepare the journal entry to record income taxes for 2013.

Reference no: EM13595466

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