Business, 12.10.2021 02:30, med69

Relix, Inc., is a domestic corporation with the following temporary timing differences for the current year. a. The building depreciation for tax purposes exceeds book depreciation by $13,000.
b. The furniture and fixtures depreciation for tax purposes exceeds book depreciation by $3,800.
.c The accrued litigation expenses in the amount of $16,000 are deductible for book purposes but not yet deductible for tax.

In addition to the temporary differences above, Relix, Inc., reported two permanent differences between book and taxable income. It earned $2,375 in tax-exempt municipal bond interest, and it incurred $780 in nondeductible business meals expense. Relix's book income before tax is $4,800. Assume a 21% Federal corporate tax rate and no valuation allowance.

a. Relix's current income tax expense is $ X.
b. Prepare the journal entry to record this income tax expense.

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Relix, Inc., is a domestic corporation with the following temporary timing differences for the curre...