Information for Hobson Corporation for the current year ($ in millions): Income from continuing operations before tax $ 155 Loss on discontinued operation (pretax) 32 Temporary differences (all related to operating income):   Accrued warranty expense in excess of expense included in operating income 10 Depreciation deducted on tax return in excess of depreciation expense 25 Permanent differences (all related to operating income):   Nondeductible portion of entertainment expense 5 The applicable enacted tax rate for all periods is 25%. What should Hobson report as income from continuing operations?

A. Prepare a multistep income statement and determine each of the following subtotals for 20x8 using the information above. Apply a 40% effective tax rate where applicable:

Accounting income or loss for Aberdeen Corporation, following IFRS, is below: Year Accounting income/(loss) Tax rate percent Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 $160,000 250,000 80,000 (160,000) (380,000) 130,000 145,000 30 30 25 25 25 25 25 Assume that there were no permanent or temporary differences between accounting and taxable income. Required Prepare the tax-related journal entries for Year 3 to Year 7. Aberdeen Corporation believes that it will be able to use any loss carryforward in future years. Aberdeen Corporation will apply the available carryback provisions to the earliest years first. Include your calculations.

cardinal corporation reported pretax book income of $3,000,000 bad debt $200,000, depreciation book exceed tax $100,000, non deductible entertainment expense $50,000, fines 40,000. calculate income tax expense, deferred tax, taxable income, book equivalent, effective tax rate