The following information is available for Sarasota Corporation for 2019 (its first year of operations). 1. Excess of tax depreciation over book depreciation, $39,600. This $39,600 difference will reverse equally over the years 2020-2023. 2. Deferral, for book purposes, of $21,900 of rent received in advance. The rent will be recognized in 2020. 3. Pretax financial income, $271,300. 4. Tax rate for all years, 20%. Your answer is correct. Compute taxable income for 2019. Taxable income $ eTextbook and Media List of Accounts 253,600 Your answer is partially correct. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit
The following information is available for Sarasota Corporation for 2019 (its first year of operations). 1. Excess of tax depreciation over book depreciation, $39,600. This $39,600 difference will reverse equally over the years 2020-2023. 2. Deferral, for book purposes, of $21,900 of rent received in advance. The rent will be recognized in 2020. 3. Pretax financial income, $271,300. 4. Tax rate for all years, 20%. Your answer is correct. Compute taxable income for 2019. Taxable income $ eTextbook and Media List of Accounts 253,600 Your answer is partially correct. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit
Chapter17: Corporations: Introduction And Operating Rules
Section: Chapter Questions
Problem 47P
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