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Corporation X reports U.S GAAP book net income of $100,000. The only difference between book...

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Accounting

Corporation X reports U.S GAAP book net income of $100,000. The only difference between book income and taxable income is Corporation X elected bonus depreciation which exceeded book depreciation by $25,000. Assumer a 35% corporate tax rate.

a. Prepare the journal entry to record book tax expense

b. Assume book net income is the same as its net taxable income except it has $25,000 of municipal bond interest and paid a $5,000 penalty. Calculate the effective tax rate for Corporation X.

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