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Problem 19-1
The following information is available for Remmers Corporation for 2012. 1. Depreciation reported on the tax return exceeded depreciation reported on the income statement by $130,400. This difference will reverse in equal amounts of $32,600 over the years 2013–2016. 2. Interest received on municipal bonds was $15,900. 3. Rent collected in advance on January 1, 2012, totaled $64,200 for a 3-year period. Of this amount, $42,800 was reported as unearned at December 31, 2012, for book purposes. 4. The tax rates are 50% for 2012 and 45% for 2013 and subsequent years. 5. Income taxes of $328,100 are due per the tax return for 2012. 6. No deferred taxes existed at the beginning of 2012. I am working on this problem need to where to begin at? (a) Your answer is incorrect. Try again. Compute taxable income for 2012. Taxable income for 2012 $ Is the correct answer Show List of Accounts Show Solution Show Answer Link to Text By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor. Attempts: 3 of 3 used (b) Your answer is incorrect. Try again. Compute pretax financial income for 2012. Pretax financial income for 2012 $ Is the correct answer Show List of Accounts Show Solution Show Answer Link to Text By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor. Attempts: 3 of 3 used (c) Your answer is partially correct. Try again. Prepare the journal entries to record income tax expense, deferred income taxes, and income taxes payable for 2012 and 2013. Assume taxable income was $985,700 in 2013. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit 2012 2013 Show List of Accounts Link to Text By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor. Attempts: 2 of 3 used Save for later Submit Answer |
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