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North Dakota Corporation began operations in January 2012 and purchased a machine for $20,000. North Dakota uses straight-line depreciation over a four-year period for financial reporting purposes. For tax purposes, the deduction is 50% of cost in 2012, 30% in 2013, and 20% in 2014. Pretax accounting income for 2012 was $150,000, which includes interest revenue of $20,000 from municipal bonds. The enacted tax rate is 30% for all years. There are no other differences between accounting and taxable income.

Required:

Prepare a journal entry to record income taxes for the year 2012. Show all work and how each number in the journal entry is computed.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M946142

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