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What would be the adjusting entries on the trial balance

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Question - Adjusting entries for income taxes based on the following information:

$1,500 in meal and entertainment expenses show as a permanent difference for tax.

The company uses straight line depreciation for book and MACRS depreciation for the tax return.

MACRS depreciation was $209,301 higher than book.

There have been recent tax structure changes that could impact the company. Peyton Approved has been a C Corp since the beginning of these changes. Peyton provides for taxes at 25% of pretax income (20% Federal, 5% state).

Required - What would be the adjusting entries on the trial balance?

Reference no: EM132644563

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