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At the end of 2009, Dolf Company prepared the following schedule of its deferred tax items (based on the currently enacted tax rate of 30%.
On April 30, 2010 Congress changed the income tax rate to 40% for 2010 and future years. At the end of 2010 the company reported taxable income of $62,500 for 2010. At that time, the company determined that its deferred tax items should have balances as follows at the end of 2010 (based on the 40% tax rate):
1, $10,700 debit;
2, $15,000 debit;
3, $7,000 credit;
4, $25,900 credit.Required:1. Show how the deferred tax items are reported on the Dolf Company's December 31, 2009 balance sheet.2. Prepare the April 30, 2010 journal entry to correct Dolf Company's deferred tax items.3. Prepare the income tax journal entry of the Dolf Company at the end of 2010.4. Show how the current and deferred tax items are reported on the Dolf Company 's December 31, 2010 balance sheet.5. Calculate the total income tax expense for2010.
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