Homework Answers
| Pretax book loss | $ 5,00,000 |
| Excess of tax depreciation | $ 1,00,000 |
| Prepaid Income | $ -50,000 |
| Taxable Income | $ 5,50,000 |
| Tax benefit @21% | $ 1,15,500 |
Net Favorable temporary difference = $100,000 - $50,000 =
$50,000
Deferred Tax liability = $50,000 x 21% = $10,500 which creates
deferred tax expense
Net Tax benefit = $115,500 - $10,500 = $105000
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11) Farm Corporation reported pretax book loss of $500,000. Tax depreciation exceeded book depreciation by $100,000....
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Harrison Corporation reported pretax book income of $600,000. Tax depreciation exceeded book depreciation by $400,000. In...
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Grand Corporation reported pretax book income of $600,000. Tax depreciation exceeded book depreciation by $400,000. In addition, the company received $300,000 of tax-exempt municipal bond interest. The company’s prior-year tax return showed taxable income of $50,000. Compute the company's current or deferred income tax expense or benefit. Deferred income tax benefit:
Grand Corporation reported pretax book income of $600,000. Tax depreciation exceeded book depreciation by $400,000. In...
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Burcham Corporation reported pretax book income of $600,000. Tax depreciation exceeded book depreciation by $400,000. In addition, the company received $300,000 of tax-exempt municipal bond interest. The company's prior-year tax return showed taxable income of $50,000. Compute the company's book equivalent of taxable income. Use this number to compute the company's total income tax provision or benefit. Book equivalent of taxable income Total income tax provision or benefit
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Grand Corporation reported pretax book income of $752,500. Tax depreciation exceeded book depreciation by $620,000. In addition, E the company received $320,000 of tax-exempt municipal bond interest. The company's prior-year tax return showed taxable income E of $117,000. Compute the company's current or deferred income tax expense or benefit. & Answer is complete but not entirely correct. Deferred income tax benefit $ 14,805
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