Violet Corporation reported a loss in 2022 of $610,000 and carried back the loss to the extent allowed. The company reported taxable income of $215,000 in 2020 and $245,000 in 2021. It has no permanent or temporary differences and its tax rate is 30%.Violet reported taxable income of $345,000 in 2023. What is the necessary journal entry for 2023? Group of answer choices Income Tax Expense 183,000 Income Tax Payable 138,000 Deferred Tax Asset 45,000 Income Tax Expense 103,500 Income Tax Payable 58,500 Deferred Tax Asset 45,000 Income Tax Refund Receivable 138,000 Deferred Tax Asset 45,000 Income Tax Benefit 183,000 Income Tax Refund Receivable 58,500 Deferred Tax Asset 45,000 Income Tax Benefit 103,500
Violet Corporation reported a loss in 2022 of $610,000 and carried back the loss to the extent allowed. The company reported taxable income of $215,000 in 2020 and $245,000 in 2021. It has no permanent or temporary differences and its tax rate is 30%.Violet reported taxable income of $345,000 in 2023. What is the necessary journal entry for 2023? Group of answer choices Income Tax Expense 183,000 Income Tax Payable 138,000 Deferred Tax Asset 45,000 Income Tax Expense 103,500 Income Tax Payable 58,500 Deferred Tax Asset 45,000 Income Tax Refund Receivable 138,000 Deferred Tax Asset 45,000 Income Tax Benefit 183,000 Income Tax Refund Receivable 58,500 Deferred Tax Asset 45,000 Income Tax Benefit 103,500
Chapter26: Tax Practice And Ethics
Section: Chapter Questions
Problem 32P
Related questions
Question
100%
Violet Corporation reported a loss in 2022 of $610,000 and carried back the loss to the extent allowed. The company reported taxable income of $215,000 in 2020 and $245,000 in 2021. It has no permanent or temporary differences and its tax rate is 30%.
Violet reported taxable income of $345,000 in 2023. What is the necessaryjournal entry for 2023?
Violet reported taxable income of $345,000 in 2023. What is the necessary
Group of answer choices
| Income Tax Expense | 183,000 | |
| Income Tax Payable | | 138,000 |
| | 45,000 |
| Income Tax Expense | 103,500 | |
| Income Tax Payable | | 58,500 |
| Deferred Tax Asset | | 45,000 |
| Income Tax Refund Receivable | 138,000 | | |
| Deferred Tax Asset | 45,000 | | |
| Income Tax Benefit | | 183,000 |
| Income Tax Refund Receivable | 58,500 | |
| Deferred Tax Asset | 45,000 | |
| Income Tax Benefit | | 103,500 |
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