Reference no: EM132699163
Nana, Inc. had pretax net income of $220,000 and the following differences between taxable income and pretax net income for the year ended December 31, Year 9.
$40,000 of rent received in advance (taxable when received)
$10,000 of additional MACRS depreciation
$5,000 of non-tax-deductible fines and penalities
On 12/31/Y8, nana reported a deferred tax liability for depreciation differences with a normal balance of $20,000. Some depreciable assets were tired early in Year 9. There have not yet been any journal entries made in Year 9 affecting the DTL-Depreciation account. The total unresolved temporary difference future taxable amount for depreciation at 12/31/Y9 is $85,000. The only enacted income tax rate is 20%.
Question 1) Nana, at the end of Year 9, when moving from pretax net income (PTNI) to taxable income (TI), the excess tax depreciation amount is:
Question 2) Nana, at the end of Year 9, when moving from pretax net income (PTNI) to taxable income (TI), the amount of non-tax-deductible fines and penalties is
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