Tugas Ch.20
Tugas Ch.20
Tugas Ch.20
b. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable
Future Years
Description
2022 2023
Future Taxable (deductible) Amount $ 55,000 $ 60,000
Tax Rate 30% 30%
Deffered Tax Liablility (asset) $ 16,500 $ 18,000
c. Prepare the income tax expense section of the income statement for 2021, beginning with the line “Income
Income Before Income Taxes $ 400,000
Income Tax Expense
Current $ 63,000
Deffered $ 57,000 $ 120,000
Net Income $ 280,000
xes, and income taxes payable for 2021.
ture Years
Total
2024
$ 75,000 $ 190,000
30%
$ 22,500 $ 57,000
b. Assuming there were no temporary differences prior to 2021, indicate how deferred taxes will be reported on the 2023 st
Deferred Tax Asset ₩ 15,200,000
Deferred Tax Liability ₩ 36,000,000
Net Non-Current Liability ₩ 20,800,000
c. Prepare the income tax expense section of the income statement for 2023, beginning with the line “Pretax financial incom
taxes will be reported on the 2023 statement of financial position. Jeonbuk’s product warranty is for 12 months.
Future Taxable
Year Temporary Difference Tax Rate
(deductible) Amount
2022 Depreciation € 140,000 35%
2023 Depreciation € 265,000 40%
2024 Depreciation € 385,000 40%
2025 Depreciation € 275,000 40%
b. Prepare the income statement for 2023, beginning with income before income taxes.
Deferred Tax
Asset Liability
€ 49,000
€ 106,000
€ 154,000
€ 110,000
2024 2025
€ 152,000
€ 104,000
€ 48,000
€ 180,000
€ 44,000
€ 224,000
b. Prepare the journal entry for 2022 to record income taxes payable, income tax expense, and deferred inco