In Ryan Management collected rent revenue for tenant occupancy. For financial reporting, the rent is recorded as deferred
revenue and then recognized as revenue in the period tenants occupy rental property. For tax reporting, the rent is taxed when
collected in The deferred portion of the rent collected in was $ million. The tax rate is Suppose the deferred
portion of the rent collected was $ million at the end of Taxable income is $ million.
Prepare the appropriate journal entry to record income taxes in
Note: If no entry is required for a transactionevent select No journal entry required" in the first account field. Enter your answers
in millions rounded to decimal place ie should be entered as
Journal entry worksheet
Record the income tax expense for
Note: Enter debits before credits.
