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At the beginning of 2016, Norris Company had a deferred tax liability of $6,600, because of the use of MACRS depreciation for income tax purposes and units-of-production depreciation for financial reporting. The income tax rate is 30% for 2015 and 2016, but in 2015 Congress enacted a 39% tax rate for 2017 and future years.
Required:
Problem 1. Prepare Norris's income tax journal entry at the end of 2016.
Problem 2. Prepare Norris's 2016 income statement.
Problem 3. Prepare Norris's 2016 statement of retained earnings.
Problem 4. Show the related income tax disclosures on Norris's December 31, 2016, balance sheet.
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