FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Saginaw Inc. completed its first year of operations with a pretax loss of $512,500. The tax return showed a net operating loss of $656,500, which the company will carry forward. The $144,000 book-tax difference results from excess tax depreciation over book depreciation. Management has determined that they should record a valuation allowance equal to the net deferred tax asset. Assuming the current tax expense is zero and tax rate is 34 percent. A) Prepare the journal entry to record the deferred tax consequences of the current year NOL before considering the valuation allowance. B) Prepare the journal entry to record the deferred tax consequences of the depreciation book-tax difference. C) Prepare the journal entry to record the deferred tax consequences of the valuation allowance.
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Transcribed Image Text:Saginaw Inc. completed its first year of operations with a pretax loss of $512,500. The tax return showed a net operating loss of $656,500, which the company will carry forward. The $144,000 book-tax difference results from excess tax depreciation over book depreciation. Management has determined that they should record a valuation allowance equal to the net deferred tax asset. Assuming the current tax expense is zero and tax rate is 34 percent. A) Prepare the journal entry to record the deferred tax consequences of the current year NOL before considering the valuation allowance. B) Prepare the journal entry to record the deferred tax consequences of the depreciation book-tax difference. C) Prepare the journal entry to record the deferred tax consequences of the valuation allowance.
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