Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. i have an accounting question. culver inc. had acc

I have an accounting question. Culver Inc. had accounting income of $156,000 in 2020. Included...

50.1K

Verified Solution

Question

Accounting

I have an accounting question.

Culver Inc. had accounting income of $156,000 in 2020. Included in the calculation of that amount is the CEOs life insurance expense of $3,000, which is not deductible for tax purposes. In addition, the undepreciated capital cost (UCC) for tax purposes is $14,800 lower than the net carrying amount of the property, plant, and equipment, although the amounts were equal at the beginning of the year. Prepare Culvers journal entry to record 2020 taxes, assuming IFRS and a tax rate of 25%. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

2020

To record current tax expense

2020

To record deferred tax expense

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

The researchers want to compare the amount of nitrogen in plants grown with bacteria and those...

Biology
Q

5a) A 5-kg object travels at a constant velocity of 25 m/s east on a smooth,...

Physics
Q

What type of change in chromosome structure is being depicted in the image K X...

Biology
Q

The fractional reserve characteristic of the banking system allows banks to create money and also...

Basic Math
Q

Suppose that $10,484 is invested at an interest rate of 5.6% per year, compounded continuously.a)...

Basic Math
Q

Sunland Company is considering a long-term investment project called ZIP. ZIP...

Accounting
Q

PLEASE HELP ASAP WILL LIKE URGENT !!!! asap no time 15 Which...

Accounting
Q

The airline industry is one of the more volatile industries. During lean years in the...

Accounting
Q

Gary Stevens and Mary James are production managers in the Consumer Electronics Division of General...

Accounting
Q

The standard deviation of return on investment A is 11%, while the standard deviation of...

Finance
Q

Intro You expect to receive two cash flows: $41,000 paid in 5 years and $61,500...

Finance
Q

A $25,000, 6% bond redeemable at par with interest payable annually is bought 12.5 years...

Finance