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Heiden Company reported the following net income before teaxes and depreciation for the years indicated.

2006:80000 2007:100000 2008:75000

The company purchased assets costing 90000 on January 1,2006. The assets have a three year useful life and no salvage (residual value. For tax purposes, the company used and acceptable accelerated depreciation method that resulted in depreciation expense of 45000,30000,15000 for the three years, respectively. For financial reporting purposes, the straight line method was used. A 30% tax rate was in effect for the three years.

Instructions: Prepare the necessary calculations and make the end of year entries for Heiden Company for the years 2006,2007,2008.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M967366

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