Thun company has been in operation for several years it has

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Reference no: EM13482084

Income Taxes

Thun Company has been in operation for several years. It has both a deductible and a taxable temporary difference. At the beginning of 2013, its deferred tax asset was $690, and its deferred tax liability was $750. The company expects its future deductible amount to be Ã¢ï¿½ï¿½Ã¢ï¿½ï¿½deductible'' in 2014 and its future taxable amount to be Ã¢ï¿½ï¿½Ã¢ï¿½ï¿½taxable'' in 2015. In 2012, Congress enacted income tax rates for future years as follows: 2013, 30%; 2014, 34%; and 2015, 35%. At the end of 2013, Thun reported income taxes payable of $12,600, an increase in its deferred tax liability of $300, and an ending balance in its deferred tax asset of $860. Thun has prepared the following schedule of items related to its income taxes for 2013.

Required:

Fill in the blanks in the following schedule. ********(The figure 42,000 is correct, but the following 3 are not.)

Item	Amount

Taxable income for 2013	$
Future taxable amount, 12/31/13	$
Increase in future deductible amount during 2013	$
Income tax expense for 2013	$

Reference no: EM13482084

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