The following facts relate to Krung Thep Corporation. 1. Deferred tax liability, January 1, 2020, $20,000. 2. Deferred tax asset, January 1, 2020, $0. 3. Taxable income for 2020, $95,000. 4. Pretax financial income for 2020, $200,000. 5. Cumulative temporary difference at December 31, 2020, giving rise to future taxable amounts, $240,000. 6. 7. Cumulative temporary difference at December 31, 2020, giving rise to future deductible amounts, $35,000. Tax rate for all years, 20%. 8. The company is expected to operate profitably in the future. Compute income taxes payable for 2020. Income taxes payable $ 19000 Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) tigate Account Titles and Explanation Income Tax Expense Deferred Tax Asset Deferred Tax Liability Income Tax Payatle Debit 49000 240000 Credit 240000 19000

The following facts relate to Krung Thep Corporation. 1. Deferred tax liability, January 1, 2020, $20,000. 2. Deferred tax asset, January 1, 2020, $0. 3. Taxable income for 2020, $95,000. 4. Pretax financial income for 2020, $200,000. 5. Cumulative temporary difference at December 31, 2020, giving rise to future taxable amounts, $240,000. 6. 7. Cumulative temporary difference at December 31, 2020, giving rise to future deductible amounts, $35,000. Tax rate for all years, 20%. 8. The company is expected to operate profitably in the future. Compute income taxes payable for 2020. Income taxes payable $ 19000 Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) tigate Account Titles and Explanation Income Tax Expense Deferred Tax Asset Deferred Tax Liability Income Tax Payatle Debit 49000 240000 Credit 240000 19000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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