Question

Question Bonita Corporation began 2017 with a 187.500 balance in the Deferred tax years, tax accounting income for 2017 is 5572,700, the tax rate for all years is c . At the end of 2017 there and taxable income for 2017121.650 temporary difference to andr e Comeute income taxes payable for 2017 Income taxes partie LIR TOT INTO TEXT Preure the journal entry to read income tape manually. it no entry is regured sofort Muli "western Art Tanel

Answer 1

Income taxes payable = $371,650*40% = $148,660 b) Deferred tax liability at end of 2017 = $369,800*40% = $147,920 Deferred tax liability at beginning of 2017 = $87,500 Deferred tax liability originated during the year = $148,660-$87,500 = $60,420 Credit Debit $ 209,080 Account Titles and Explanation Income tax expense (Bal.fig) Income tax payable Deferred tax liability $ 148,660 $ 60,420 $ 522,700 Income Statement (Partial) For the year ended December 31, 2017 Income before income taxes Income tax expense Current $ 148,660 Deferred $ 60,420 $ 209,080 $ 313,620 Net income/(loss)