. For the year ended December 31, 20x1, Mont Co's books showed income of P600,000 before provision for income tax expense. To compute taxable income for taxation purposes, the following items should be noted: Income from exempt municipal bonds Depreciation deducted for tax purposes in excess of depreciation recorded on the books Proceeds received from life insurance on death of officer 60,000 120,000 100,000 Estimated tax payments 30% Enacted corporate tax rate What amount should Mont report at December 31, 20x1, as its income tax liability? a. 96,000 b. 114,000 c. 156,000 d. 162,000

LNS Corporation reports book income of $2,890,000. Included in the $2,890,000 is $32,750 of tax-exempt interest income. LNS reports $2,597,500 in ordinary and necessary business expenses. What is LNS Corporation's taxable income for the year? Taxable income

Company K operates in a jurisdiction that levies an income tax with the following rate structure: Percentage Rate Bracket Income from -0- to $75,000 Income from $75,001 to $150,000 Income in excess of $150,000 Company K incurs a $35,000 deductible expense. Required: a. Compute the current year tax savings from the deduction assuming that Company K's taxable income before considering the additional deduction is $71,600. b. Compute the current year tax savings from the deduction assuming that Company K's taxable income before considering the additional deduction is $178,000. c. Compute the current year tax savings from the deduction assuming that Company K has a $7,250 loss before considering the additional deduction. 7% 10 15 Complete this question by entering your answers in the tabs below. Required A Required B Required C Compute the current year tax savings from the deduction assuming that Company K's taxable income before additional deduction is $71,600. Tax savings

vn.2 At the end of the year, the deferred tax asset account had a balance of $8 million attributable to a temporary difference of $32 million in a liability for estimated expenses. Taxable income is $88 million. No temporary differences existed at the beginning of the year, and the tax rate is 25%.Prepare the journal entry(s) to record income taxes, assuming it is more likely than not that three-fourths of the deferred tax asset will not ultimately be realized.

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Subject: acounting

For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows:           Pretax accounting income $ 290,000     Permanent difference   (15,000 )       275,000     Temporary difference-depreciation   (20,100 )   Taxable income $ 254,900         Tringali's tax rate is 25%. Assume that no estimated taxes have been paid.  What should Tringali report as its deferred income tax liability as of the end of its first year of operations? $20,100. $35,100. $5,025. $8,775.

On January 1, year 1 $1,000,000 was collected in advance for rental of a building for a five-year period. The entire $1,000,000 was reported as taxable income for the year. The enacted tax rate for this year is 44%. The enacted tax rate for all future years was 46%. As the result of a change in the tax law, the enacted tax rate for years all years after year 3 is 45%. Make the journal entry to record income tax expense at December 31, year 2, assuming income tax payable is $1,749,000. SHOW COMPUTATIONS

Vishnu

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