Maurice Tutor

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Teaching Since: May 2017
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 21 Aug 2017 My Price 9.00

Zekany Corporation

Zekany Corporation would have had identical income before taxes on both its income tax returns and income statements for the years 2013 through 2016 except for differences in depreciation on an operational asset. The asset cost $110,000 and is depreciated for income tax purposes in the following amounts:


       
2013 $ 36,300  
2014   48,400  
2015   16,500  
2016   8,800  

The operational asset has a four-year life and no residual value. The straight-line method is used for financial reporting purposes.

Income amounts before depreciation expense and income taxes for each of the four years were as follows.

  2013 2014 2015 2016
Accounting income before taxes and depreciation $ 70,000   $ 90,000   $ 80,000   $ 80,000  

Assume the average and marginal income tax rate for 2013 and 2014 was 30%; however, during 2014 tax legislation was passed to raise the tax rate to 40% beginning in 2015. The 40% rate remained in effect through the years 2015 and 2016. Both the accounting and income tax periods end December 31.

Required:

Prepare the journal entries to record income taxes for the years 2013 through 2016

 
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Answers

Maurice Tutor
(5)
Status NEW Posted 21 Aug 2017 12:08 PM My Price 9.00

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