On its year 1 financial statements, Seatax Corporation, an accrual-method taxpayer, reported federal income tax expense of $570,000. On its year 1 tax return, it reported a tax liability of $650,000. During year 1, Seatax made estimated tax payments of $700,000. What book-tax difference, if any, associated with its federal income tax expense should Seatax have reported when computing its ear 1 taxable income? Is the difference favorable or unfavorable? Is it temporary or permanent? Year 1 Book-tax Difference Favorable or Unfavorable Temporary or Permanent

Ann Corporation reported pretax book income of $1,800,000. Included in the computation were favorable temporary differences of $182,500, unfavorable temporary differences of $267,000, and favorable permanent differences of $112,000. Compute the company’s book equivalent of taxable income. Use this number to compute the company’s total income tax provision or benefit. Determine the book equavalent of taxable income and total income tax proivison or benefit.

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

Piper, Inc. reported a net deferred tax asset balance of $166,650 resulting from an estimated warranty expense accrual for book purposes. The total book-tax difference related to the bases of the estimated warranty liability is $505,000. The enacted statutory tax rate related to this balance changed from 33% to 28%, effective immediately. What journal entry will Piper need to make to adjust for this change in tax rates? Group of answer choices Deferred Tax Asset 25,250​ ​ Income Tax Payable ​ 25,250​ Income Tax Expense 25,250​ ​ Deferred Tax Asset ​ 25,250​ Income Tax Expense 46,662​ ​ Deferred Tax Asset ​ 46,662​ Deferred Tax Asset 46,662​ ​ Income Tax Payable ​ 46,662​