The following information was disclosed during the audit of Crane Inc. Amount Due per Tax Return...
The following information is available for Skysong Corporation for 2017. 1. Depreciation reported on the tax return exceeded depreciation reported on the income statement by $122,000. This difference will reverse in equal amounts of $30,500 over the years 2018–2021. 2. Interest received on municipal bonds was $10,000. 3. Rent collected in advance on January 1, 2017, totaled $63,900 for a 3-year period. Of this amount, $42,600 was reported as unearned at December 31, 2017, for book purposes. 4. The tax...
The following information is available for Ivanhoe Corporation for 2017. 1. Depreciation reported on the tax return exceeded depreciation reported on the income statement by $114,000. This difference will reverse in equal amounts of $28,500 over the years 2018- 2021. 2. Interest received on municipal bonds was $10,100. 3. Rent collected in advance on January 1, 2017, totaled $57,000 for a 3-year period. Of this amount, $38,000 was reported as unearned at December 31, 2017, for book purposes. 4. The...
Review the following information for Acco Brands relating to the year 2018. 1. Income taxes of $270,000 are due for the 2018 tax year. The tax rates are 30% for 2018 and 40% for 2019. 2. Depreciation reported on the tax return exceeded depreciation reported on the income statement by $75,000. This difference will reverse in equal amounts of $25,000 over the years 2019 thru 2021. 3. Interest received on municipal bonds was $24,000 4. Advanced rent collected on January...
(Income Taxes) The following information is available for Potter Corporation for 2017. 3. a. Depreciation reported on the tax return exceeded depreciation reported on the income statement by $75,000. This difference will reverse in equal amounts of $25,000 over the years 2018-2020. b. Interest received on municipal bonds was $24,000. c. Rent collected in advance on January 1, 2017, totaled $45,000 for a 3-year period. Of this amount, $30,000 was reported as unearned at December 31, 2017, for book purposes...
Crane Co. establishes a $142,000,000 liability at the end of
2017 for the estimated site-cleanup costs at two of its
manufacturing facilities. All related closing costs will be paid
and deducted on the tax return in 2018. Also, at the end of 2017,
the company has $71,000,000 of temporary differences due to excess
depreciation for tax purposes, $9,940,000 of which will reverse in
2018.
The enacted tax rate for all years is 40%, and the company pays
taxes of $90,880,000...
CALCULATOR FULL SCREEN PRINTER VERSION NEXT Question 9 The following information is available for Grouper Corporation for 2017 1. Depreciation reported on the tax return exceeded depreciation reported on the income statement by $110,000. This difference will reverse in equal amounts of $27,500 over the years 2018-2021. 2. Interest received on municipal bonds was $10,400. 3. Rent collected in advance on January 1, 2017, totaled $65,100 for a 3-year period. Of this amount, $43,400 was reported as unearned at December...
Question 14 On January 1, 2018, Crane, Inc. purchased a machine for $2360000 which will be depreciated $236000 per year for financial statement reporting purposes. For income tax reporting Crane elected to expense $261000 and to use straight-line depreciation which will allow a cost recovery deduction of $211000 for 2018. Assume a present and future enacted income tax rate of 30%, what amount should be added to Crane's deferred income tax liability for this temporary difference at December 31, 2018?...
3. Multiple temporary differences. The floging nformaons avable for the first thre years of opemations for Cooper Company: Taxable Income S500,000 375,000 400,000 1. Year 2017 2018 2019 2. On January 2, 2017, heavy equipment costing $800,000 was purchased. The equipment had a life of 5 years and no salvage value. The straight-line method of depreciation is used for book purposes and the tax depreciation taken each year is listed below 2018 ax Deareciation Total $56,000 $800,000 2017 $264,000 $360,000...
Problem 19-1 The following information is available for Ayayai Corporation for 2017. 1. Depreciation reported on the tax return exceeded depreciation reported on the income statement by $122,000 This difference will reverse in equal amounts of $30,500 over the years 2018-2021. 2. Interest received on municipal bonds was $11,000. 3. Rent collected in advance on January 1, 2017, totaled $63,900 for a 3-year period. Of this amount, $42,600 was reported as unearned at December 31, 2017, for book purposes 4....
Problem 19-1 (Part Level Submission) The following information is available for Whispering Corporation for 2017. 1. Depreciation reported on the tax return exceeded depreciation reported on the income statement by $124,000. This difference will reverse in equal amounts of $31,000 over the years 2018-2021. 2. Interest received on municipal bonds was $9,900 3. Rent collected in advance on January 1, 2017, totaled $55,500 for a 3-year period. Of this amount, $37,000 was reported as unearned at December 31, 2017, for...