Brief Exercise 105
The records for Bosch Co. show this data for 2018:
Pretax financial income is $740,000. The tax rate is 30%.
PART 1:
Schedule of Pretax Financial Income and Taxable Income for 2018
Pretax Financial Income $
Permanent Differences
Life Insurance $
Tax exempt Interest $
Tempory Differences
Installment Sales $
Extra Depreciation $
Warranties $
Taxable Income $
PART 2:
Prepare the Jounal entry to record taxes for 2018
Income Tax Expense
Deferred tax asset
Deferred tax liability
Income tax payable
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