FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- 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.arrow_forwardBook income of $1,900,000 Included in the computation were favorable temporary differences of $230,000, unfavorable temporary differences of $226,000 and favorable permanent differences of $168,000. What is the company's deferred income tax expense or benefit?arrow_forwardIn Step 1 the income tax expense of $8,750,000 is correct. The deferred tax liability and income tax payable are incorrect. In Step 2 the net income is correct.arrow_forward
- Grand Corporation reported pretax book income of $612,000. Tax depreciation exceeded book depreciation by $408,000. In addition, the company received $306,000 of tax-exempt municipal bond interest. The company's prior-year tax return showed taxable income of $51,000. Compute the company's current income tax expense or benefit. (Leave no answer blank. Enter N/A or zero.) 이 Current income tax Deferred income tax N/A expense $arrow_forwardRobin Corporation reported pretax book income of $4,525,000. Included in the computation were favorable temporary differences of $500,100, unfavorable temporary differences of $650,000, and unfavorable permanent differences of $200,000. Compute Robin’s current income tax expense or benefit.arrow_forwardNonearrow_forward
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