Please answer Question F and subparts. The first two images are Question F, the

Question

Please answer Question F and subparts. The first two images are Question F, the third and fourth images are references to answer Question F. This is from Cases in Financial Reporting, 8E. By Drake, Engel, Hirst, McAnally. Thank you

Process der the information disclosed in Note 8-In Using information in t the income tax provision in fiscal 2012 lsing the inform income taxes" recorded in income tax journal entry in partf. i. into its deferred income tax. and deferred income tax liability components. tion disclosed in Note 8- Income Taxes to answer the following d in Note 8-Income Taxes to answer the following questions formation in the first table in Note 8, show the journal entry that ZAGG recorded for ation in the third table in Note 8, decompose the amount of "net deferred its deferred income tax asset i The second table in Note 8 provides a reconciliation of income taxes computed using the federal statutory rate (35%) to income taxes computed using ZAGG's effective tax rate ZAGG Inc.-Deferred Income Taxes A 11 rights reserved. No part of this publication may be reproduced manyformfor

Explanation / Answer

Journal entry for income tax provision made for the fiscal year 2012 Date Particulars Debit($) Credit($) Debit Income Tax Expenses Account 17686 Credit Provision for Federal Tax 15466 Credit Provision for State Tax 2104 Credit Provision for Foreign Tax 116 Reconciliation of income tax $ Income tax computed under effective tax rate 8364 Add:Non deductible expenses 341 Add: increase in valuation allowance 652 Add: Provision adjustments 49 Less: domestic production activities deduction -676 Income tax computed under federal tax rate 8730

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