Range Rover inc. had tavable income of $152,000 for the year The GAAP basis of accounts receivable ned is 9,600 less than the tex basis of accounts receivable. Assuming a tax rate of 25% record the income tax journal entry on December 31. Assume zero beginning balances in deferred tax accounts Note: if a line in a journal entry nint required for the transaction, select N/A as the account names and leave the Dr. and Cr. answers blank (zero) Date Account Name Dec 31 income Tax Esperne come Tax Payathe Deferred Tax Asse Turecont come

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Range Rover Inc. had taxable income of $152,000 for the year. The GAAP basis of accounts receivable (net) $9,600 less than the tax basis of accounts receivable. Assuming a tax rate of 25%, record the
income tax journal entry on December 31. Assume zero beginning balances in deferred tax accounts
Note: faline in a journal entry ant required for the transaction select N/A as the account names and leave the Dr. and Cr. answers blank (zero)
Dr.
Account Name
Date
Dec 31
income Tax Expose
Income Tax Payate
Deferred Tax Asset
Tocesant income
Transcribed Image Text:Range Rover Inc. had taxable income of $152,000 for the year. The GAAP basis of accounts receivable (net) $9,600 less than the tax basis of accounts receivable. Assuming a tax rate of 25%, record the income tax journal entry on December 31. Assume zero beginning balances in deferred tax accounts Note: faline in a journal entry ant required for the transaction select N/A as the account names and leave the Dr. and Cr. answers blank (zero) Dr. Account Name Date Dec 31 income Tax Expose Income Tax Payate Deferred Tax Asset Tocesant income
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