91 rice inc began operations on january 1 2016 depreciation temporary differences we 4313588

91 rice inc began operations on january 1 2016 depreciation temporary differences we 4313588

91.Rice, Inc. began operations on January 1, 2016. Depreciation temporary differences were the only differences between pretax financial income (loss) and taxable income (loss) in any year. The income tax rate was 35% in each year and no changes in income tax rates were expected. Pretax financial income (loss) and the temporary differences due to depreciation were as follows:

?

Pretax Financial

Excess Tax

Year

Income (Loss)

Depreciation

2016

$1,000

$ 600

2017

3,000

2,600

2018

3,000

2,600

2019

(5,000)

800

2020

3,000

1,000

2021

6,000

800

?

Required:
Prepare the income tax journal entry for Rice, Inc. for December 31, 2019; assuming no valuation allowance is required for Rice's deferred tax assets.

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