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Reuben Manufacturing Corporation reported pre-tax GAAp income of $3,260,000 for the current year. - the...

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Accounting

Reuben Manufacturing Corporation reported pre-tax GAAp income of $3,260,000 for the current year.

- the change int he difference in the basis of plant assets is $455,000, where the book basis is higher than the tax basis -$14,000 of the Reuben's pre-tax GAAP income is non-taxable income from municipal bonds -At the beginning of the current year, Reuben's estimated warranty liability had a balance of $68,000. Actual repairs cost $46,000 and the company accrued an additional $66,000 for the current year. -Reuben paid fines of $105,000 to the federal government for not complying with relevant regulations. Prepare the journal entry required to record the tax expense for the current year assuming a 40% income tax rate.

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