Addison Co. has one temporary difference at the beginning of 2020 of $500,000. The deferred tax liability established for this amount is $150,000, based on a tax rate of 30%. The temporary difference will provide the following taxable amounts: $100,000 in 2021, $200,000 in 2022, and $200,000 in 2023. If a new tax rate for 2023 of 20% is enacted into law at the end of 2020, what is the journal entry necessary in 2020 (if any) to adjust deferred taxes?

Jenkins Corporation had $675,000 of taxable income for 2018 and $575,000 for 2019. What is the minimum amount that it must submit for each estimated quarterly tax payment to avoid any penalty for underpayment?

At the end of 2020, Payne Industries had a deferred tax asset account with a balance of $45 million attributable to a temporary book- tax difference of $180 million in a liability for estimated expenses. At the end of 2021, the temporary difference is $128 million. Payne has no other temporary differences. Taxable income for 2021 is $324 million and the tax rate is 25%. Payne has a valuation allowance of $18 million for the deferred tax asset at the beginning of 2021. Required: 1. Prepare the journal entry(s) to record Payne's Income taxes for 2021, assuming It is more likely than not that the deferred tax asset will be realized in full. 2. Prepare the journal entry(s) to record Payne's Income taxes for 2021, assuming It is more likely than not that only one-fourth of the deferred tax asset ultimately will be realized. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entry(s) to record Payne's income taxes for 2021, assuming…

At the end of 2020, its first year of operations, Tyre Recycling Inc. prepared the following reconciliation between pre-tax accounting income and taxable income: Pre-tax accounting income $ 300,000 Estimated lawsuit expense 750,000 Instalment sales profit (600,000) Taxable income  450,000   The estimated lawsuit expense of $750,000 will be deductible in 2022 when it is expected to be paid. The instalment sales profit will be collected at $300,000 in each of the next two years. The income tax rate is 30% for all years. The total income tax expense (current plus deferred) and deferred tax expense to be reported on the income statement is     Select one: a. $90,000;($45,000). b. $135,000;$45,000. c. $150,000;$150,000. d. $300,000;$135,000. e. ($45,000);($45,000).