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Business, 31.03.2020 00:51 jdkrisdaimcc11
At the end of 2013, its first year of operations, Slater Company reported a book value for its dependable assets of $40,000 for financial reporting purposes and $33,000 for income tax purposes.
Slater earned taxable income of $97,000 during 2013.
The company is subject to a 30% income tax rate and no change has been enacted for future years.
The depreciation was the only temporary difference between taxable income and pretax financial income.
Required:
1. Prepare Slater's income tax journal entry at the end of 2013.
2. Show how the deferred taxes would be reported on Slater's December 31, 2013, balance sheet.
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At the end of 2013, its first year of operations, Slater Company reported a book value for its depen...
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