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The following information has been obtained for the Gocker Corporation.


1. Prior to 2012, taxable income and pretax financial income were identical.
2. Pretax financial income is $1,739,300 in 2012 and $1,442,800 in 2013.
3. On January 1, 2012, equipment costing $1,268,000 is purchased. It is to be depreciated on a straightline basis over 5 years for tax purposes and over 8 years for financial reporting purposes. (Hint: Use the half-year convention for tax purposes, as discussed in Appendix 11A.)
4. Interest of $69,300 was earned on tax-exempt municipal obligations in 2013.
5. Included in 2013 pretax financial income is an extraordinary gain of $202,000, which is fully taxable.
6. The tax rate is 37% for all periods.
7. Taxable income is expected in all future years.
Prepare the journal entry to record 2013 income tax expense, income taxes payable, and deferred taxes. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

 

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  • Reference No.:- M945661

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