The following information is available for Indigo Corporation for 2016 (its first year of operations). 1.   Excess of tax depreciation over book depreciation, $40,800. This $40,800 difference will reverse equally over the years 2017–2020. 2.   Deferral, for book purposes, of $18,200 of rent received in advance. The rent will be recognized in 2017. 3.   Pretax financial income, $298,300. 4.   Tax rate for all years, 30%. What is the taxable income for 2016?

The pretax financial income (or loss) figures for Shamrock Company are as follows. 2017   81,000   2018   (51,000 ) 2019   (35,000 ) 2020   111,000   2021   95,000   Pretax financial income (or loss) and taxable income (loss) were the same for all years involved. Assume a 25% tax rate for 2017 and a 20% tax rate for the remaining years.Prepare the journal entries for the years 2017 to 2021 to record income tax expense and the effects of the net operating loss carryforwards. All income and losses relate to normal operations. (In recording the benefits of a loss carryforward, assume that no valuation account is deemed necessary.) (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.) Account Titles and Explanation Debit Credit 2017 enter an account title to record carryback enter a debit amount enter a…

Please show each step of calculation. Thanks in advance.

At the end of 2021, Schrutte Inc. in its first year of operations, had pretax financial income of $650,000.  The company had extra depreciation taken for tax purposes in the amount of $975,000.  Estimated expenses that were deducted for financial income but not yet paid amounted to $425,000. It is estimated that the expenses will be paid in 2022. The tax rate for all years is 25% In the journal entry at the end of the year that records income tax expense, deferred taxes and income taxes payable, what is the entry to the Income Tax Payable account?   Question 19 options:   a)  credit Income Tax Payable account by $162,500   b)  credit Income Tax Payable account by $300,000.   c)  credit to Income Tax Payable account by $25,000.   d)  credit Income Tax Payable account by $512,500.