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Question - On December 31, 2009, Loran Corporation reported a deferred tax liability totaling $12,000, resulting from depreciation timing differences pertaining to a depreciable asset purchased during 2009. Loran uses straight-line depreciation over four years for GAAP (book) purposes; for tax purposes, the depreciation deduction is 40% of cost during 2009, 30% of cost during 2010, 20% of cost during 2011, and 10% of cost during 2012. During 2010, Loran expensed $80,000of warranty costs that will be deducted for tax purposes in future years. Loran also accrued revenue totaling $135,000 which is taxable in 2011. Loran's GAAP (book) income before taxes during 2010 totaled $380,000. The marginal income tax rate is 40% for all years.
Required -
(1) What is the taxable income?
(2) Prepare the journal entry to record income tax expense for the year ended December 31, 2010.
Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest. How much control does the Fed have over this longer real rate?
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