Business, 24.03.2021 16:50, burnsmykala23
For the current year temporary differences existed between the financial statement carrying amounts and the tax basis of the following:
Carrying Amount Tax Basis Future Taxable or (Deductible) Amount
Buildings and equipment $57,000,000 $42,300,000 $14,700,000
Prepaid insurance 2,300,000 0 2,300,000
Liability-loss contingency 11,300,000 0 (11,300,000 )
No temporary differences existed at the beginning of the year. Pretax accounting income was $270,000,000 and taxable income was $117,000,000 for the year and the tax rate is 40%. Permanent differences are the cause of any difference between pretax accounting income and taxable income that are not due to temporary differences.
Required:
Prepare one journal entry to record the tax provision for the current year.
Answers: 3
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For the current year temporary differences existed between the financial statement carrying amounts...
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