The following information is available for Remmers Corporation for 2012. 1. Depr
ID: 2373775 • Letter: T
Question
The following information is available for Remmers Corporation for 2012.1. Depreciation reported on the tax return exceeded depreciation reported on the income statement by $138,000. This difference will reverse in equal amounts of $34,500 over the years 2013%u20132016. 2. Interest received on municipal bonds was $19,800. 3. Rent collected in advance on January 1, 2012, totaled $60,600 for a 3-year period. Of this amount, $40,400 was reported as unearned at December 31, 2012, for book purposes. 4. The tax rates are 50% for 2012 and 45% for 2013 and subsequent years. 5. Income taxes of $326,500 are due per the tax return for 2012. 6. No deferred taxes existed at the beginning of 2012.
Prepare the journal entries to record income tax expense, deferred income taxes, and income taxes payable for 2012 and 2013. Assume taxable income was $981,000 in 2013. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) The following information is available for Remmers Corporation for 2012.
1. Depreciation reported on the tax return exceeded depreciation reported on the income statement by $138,000. This difference will reverse in equal amounts of $34,500 over the years 2013%u20132016. 2. Interest received on municipal bonds was $19,800. 3. Rent collected in advance on January 1, 2012, totaled $60,600 for a 3-year period. Of this amount, $40,400 was reported as unearned at December 31, 2012, for book purposes. 4. The tax rates are 50% for 2012 and 45% for 2013 and subsequent years. 5. Income taxes of $326,500 are due per the tax return for 2012. 6. No deferred taxes existed at the beginning of 2012.
Prepare the journal entries to record income tax expense, deferred income taxes, and income taxes payable for 2012 and 2013. Assume taxable income was $981,000 in 2013. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Question 3
Explanation / Answer
requesting you to please go thr this pdf http://accounting.utep.edu/sglandon/c16/c16a.pdf
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