Business
Business, 02.04.2020 23:46, lovelarissa

At the end of 2020, Payne Industries had a deferred tax asset account with a balance of $110 million attributable to a temporary book-tax difference of $440 million in a liability for estimated expenses. At the end of 2021, the temporary difference is $336 million. Payne has no other temporary differences. Taxable income for 2021 is $792 million and the tax rate is 25%.Payne has a valuation allowance of $44 million for the deferred tax asset at the beginning of 2021.Required:1. Prepare the journal entry(s) to record Payne’s income taxes for 2021, assuming it is more likely than not that the deferred tax asset will be realized.2. Prepare the journal entry(s) to record Payne’s income taxes for 2021, assuming it is more likely than not that only one-fourth of the deferred tax asset ultimately will be realized.

answer
Answers: 2

Other questions on the subject: Business

image
Business, 20.06.2019 18:04, blesskids600
What is the best way for the inventor to protect his/her investment if the invention of a new composite material for turbofan blades is susceptible to reverse engineering?
Answers: 1
image
Business, 22.06.2019 06:00, Tayj91
Why might a business based on a fad be a good idea? question 2 options: fads bring in the most customers. some fads are longer lasting than expected. fads have made some business owners incredibly wealthy. fads can take a business in a new direction.
Answers: 2
image
Business, 22.06.2019 10:30, darius7967
True or false: a fitted model with more predictors will necessarily have a lower training set error than a model with fewer predictors.
Answers: 2
image
Business, 22.06.2019 11:00, nicko10
The following transactions occurred during july: received $1,000 cash for services provided to a customer during july. received $4,000 cash investment from bob johnson, the owner of the business received $850 from a customer in partial payment of his account receivable which arose from sales in june. provided services to a customer on credit, $475. borrowed $7,000 from the bank by signing a promissory note. received $1,350 cash from a customer for services to be rendered next year. what was the amount of revenue for july?
Answers: 1
Do you know the correct answer?
At the end of 2020, Payne Industries had a deferred tax asset account with a balance of $110 million...

Questions in other subjects:

Konu
Mathematics, 12.08.2021 15:40
Konu
Arts, 12.08.2021 15:40