Cullumber Corp.'s 2018 income statement showed pretax accounting income of $2,600,000. To compute the federal income tax liability, the following 2018 data are provided: Income from exempt municipal bonds Depreciation deducted for tax purposes in excess of depreciation deducted for financial statement purposes Estimated federal income tax payments made Enacted corporate income tax rate What amount of current federal income tax liability should be included in Cullumber's December 31, 2018 balance sheet? $ 1,01 2,10,0 5,20,0 30% A. $686,700 B. $260,000 C. $166,700 D. $229,700

Caramel Corp's 2023 income statement showed pretax accounting income of $2,500,000. To compute the federal income tax liability, the following 2023 data are provided: Income from exempt municipal bonds- $100,000 Depreciation deducted for tax purposes in excess of depreciation deducted for financial statement purposes- $200,000 Income Tax Rate- 20% The entry to record Caramel Corp's income tax expense and income tax payable for 2023 will include

Honesty Company reported pre-tax financial income of P400,000 for 2022. In the computation of income taxes, the following data were gathered: Non-taxable gain - P175,000 Depreciation deducted for tax purposes in excess of depreciation deducted for book purposes - P25,000 Tax payment made during 2022 - P27,500 Enacted tax rate - 35% What amount shall be reported as current tax liability?

13. What is the total deferred tax asset to be presented in the 2021 Statement of Financial Position?14. What is the total income tax expense for the year?15. What is the net income after tax?   Please answer in good accounting form. Thank you!

Cullumber corp.s 2018 income statement showed pretax accounting income

Harper Company began operations at the beginning of 2021. The following information pertains to this company. 1. Pretax financial income:2021 $ 850,0002022 1,250,0002023 2,875,0002. The tax rate enacted for 2021 is 20%.3. Differences between the 2021 income statement and tax return are listed below: (a) Interest revenue earned on an investment in tax-exempt municipal bonds amounts to $3,000 in 2021, $1,500 in 2022, and $2,000 in 2023.(b) Revenue in 2023 on a construction contract is $800,000 for tax purposes. For financial statement purposes, revenue will amount to $100,000 in 2021, $300,000 in 2022, and the remainder in 2023. This is Harper’s only construction contract during 2021-2023.(c) Depreciation of equipment for financial reporting purposes is calculated using the straight-line method. Harper purchased equipment on January 1, 2022 at a cost of $50,000. The equipment has a life of 5 years and a $5,000 salvage value. Depreciation of the equipment for the tax return will be based…

Bonita Inc. reports the following pretax income (loss) for both book and tax purposes. Pretax Year Income (Loss) Tax Rate 2018 $124,000 20 % 2019 86,000 20 % 2020 (89,000 ) 25 % 2021 126,000 25 % The tax rates listed were all enacted by the beginning of 2018. Prepare the journal entries for years 2018-2021 to record income tax expense (benefit) and income taxes payable, and the tax effects of the loss carryforward, assuming that based on the weight of available evidence, it is more likely than not that one-half of the benefits of the loss carryforward will not be realized. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

1. How much is the taxable income for the year?2. How much is the current tax expense for the year?

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For the year ended December 31, 2021, Fidelity Engineering reported pretax accounting income of $1,020,000. Selected information for 2021 from Fidelity's records follows: Interest income on municipal governmental bonds Depreciation claimed on the 2021 tax return in excenn of depreciation on the income statement Carrying amount of depreciable anseta in excess of their tax basis at year-end Warranty expense reported on the income statement Actual warranty expenditures in 2021 $ 76,000 100,000 176,000 48,000 38,000 Fidelity's income tax rate is 25%. At January 1, 2021, Fidelity's records indicated balances of zero and $19,000 in its deferred tax asset and deferred tax liability accounts, respectively. Required: 1. Determine the amounts necessary to record income taxes for 2021, and prepare the appropriate journal entry. 2. What is Fidelity's 2021 net income?