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Thorn Corporation has deductible and taxable temporary differences. At the beginning of 2014, its deferred tax asset was $12,000, and its deferred tax liability was $17,500. The company expects its future deductible amounts to be "deductible" in 2015 and its future taxable amount to be "taxable in 2016. In 2013, Congress enacted revised tax rates for future years as follows: 2014, 30%, 2015, 32%, and 2016, 35%. At the end of 2014 Thorn had income taxes payable of $23,500, and increase in deferred tax liability of $3,000, and an ending balance in its deferred tax asset of $13,300.

Item Amount

a. Taxable income for 2014

b. Future taxable amount, 12/31/2014

c. Increase in future deductible amount during 2014

d. Income tax expense for 2014

Required:

Assist Thorn in completing the schedule by filling in the blanks for items related to its income taxes for 2014. Show your computation.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M947564

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