1. Prepare journal entries to record the income tax and2. Present the income tax expense in the income statementProblem 16-3 (ACP)In 2021, Argentina Company received an advance paymentof P1,000,000, which was subject to tax but not reported inaccounting income until 2022.The income statement and tax return showed the following:20212022Income before tax per income statementIncome before tax per tax returnIncome tax rate6,000,0007,000,0009,000,0008,000,00025%25%Required:1. Prepare journal entries to record the income tax adeferred tax for 2021 and 2022.for 2021 and 2022.

Routine transactions, such as customer billings and supplier invoicing, should not be recorded using…

1. Prepare journal entries to record the income tax and 2. Present the income tax expense in the incone statement The income statement and tax return showed the following: 2021 2022 Income before tax per income statement Income before tax per tax return Income tax rate 6,000,000 7,000,000 9,000,000 8,000,000 25% 25% Required: 1. Prepare journal entries to record the income tax ane deferred tax for 2021 and 2022. for 2021 and 2022.

1. Prepare journal entries to record the income tax and 2. Present the income tax expense in the incone statement The income statement and tax return showed the following: 2021 2022 Income before tax per income statement Income before tax per tax return Income tax rate 6,000,000 7,000,000 9,000,000 8,000,000 25% 25% Required: 1. Prepare journal entries to record the income tax ane deferred tax for 2021 and 2022. for 2021 and 2022.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter18: Accounting For Income Taxes

Section: Chapter Questions

Problem 18E

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