New Tab Seerch B Acct12206 ? eno medication com hrn tpx 6. 1000 points Brief Exe

Question

New Tab Seerch B Acct12206 ? eno medication com hrn tpx 6. 1000 points Brief Exercise 16-1 Temporary difference [LO16-11 A company reports pretax accounting income of $15 million, but because of a single temporary difference, taxable income is only $13 million. No temporary differences existed at the beginning of the year, and the tax rate is 40% Prepare the appropriate journal entry to record income taxes. (If no entry is required for a particular event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5)) View transaction list Journal entry worksheet Record the income tax. Note: Enter debits before c Debit Record entry View general journal eBook & Resources General Journal TOSHIBA esc 2 3 4 5

Explanation / Answer

Journal entry :

Date accounts & explanation debit credit Income tax expense (15*40%) 6 Deferred tax liability 0.8 Income tax payable (13*40%) 5.2 (To record income tax )

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