Sara lee corporation owns the subsequent brands ball pack

Assignment Help Taxation

Reference no: EM13370516

Sara Lee Corporation owns the subsequent brands: Ball pack franks, sara lee bakery goods, Hillshire farms, Jimmy Dean, Kiwi Shoe care Products, and many other products. The subsequent information relates to the company's deferred taxes.

current and deferred provisions (benefits) were in millions
2009 2008 2007
Current Deferred Current Deferred Current Deferred
U.S $89 ($61) $310 ($247) $18 ($144)
Foreign 214 (22) 168 (32) 123 4
State 4 0 (10) 12 (4) (8)
$307 ($83) $468 ($267) $137 ($148)
Cash payments for income taxes from continuing operations were $273 in 2009, $459 in 2008, and $378 in 2007.
Based on this information, answer the subsequent questions:

1. Give the journal entries made by Sara Lee to record the 2009 income tax expense (net) of $224. Remember to assign the expense and benefit between current and deferred.

2. Give the journal entry made by Sara Lee to record the payment of income tax during the year 2009.

Reference no: EM13370516

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