The following facts relate to Krung Thep Corporation. 1. Deferred tax liability, January 1, 2014, $40,000. 2. Deferred tax asset, January 1, 2014, $0. 3. Taxable Income for 2014, $95,000. 4. Pretax financial income for 2014, $200,000. 5. Cumulative temporary difference at December 31, 2014, giving rise to future taxable amounts, $240,000. 6. Cumulative temporary difference at December 31, 2014, giving rise to future deductible amounts, $35,000. 7. Tax rate for all years, 40%. 8. The company is expected to operate profitable in the future. Instructions. a. Compute income taxes payable for 2014. b. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2014. c. prepare the income tax expense section of the income statement for 2014, beginning with the line "Income before income taxes."

John novosel was employed by nationwide insurance company for fifteen years. novosel had been a model employee and, at the time of discharge, was a district claims manager and a candidate for the position of division claims manager. during novosel's fifteenth year of employment, nationwide circulated a memorandum requesting the participation of all employees in an effort to lobby the pennsylvania state legislature for the passage of a certain bill before the body. novosel, who had privately indicated his disagreement with nationwide's political views, refused to lend his support to the lobby, and his employment with nationwide was terminated. novosel brought two separate claims against nationwide, arguing, first, that his discharge for refusing to lobby the state legislature on behalf of nationwide constituted the tort of wrongful discharge in that it was arbitrary, malicious, and contrary to public policy. novosel also contended that nationwide breached an implied contract guaranteeing continued employment so long as his job performance was satisfactory. what decision as to each claim?

Auniversity spent $1.8 million to install solar panels atop a parking garage. these panels will have a capacity of 400 kilowatts (kw) and have a life expectancy of 20 years. suppose that the discount rate is 20%, that electricity can be purchased at $0.10 per kilowatt-hour (kwh), and that the marginal cost of electricity production using the solar panels is zero. hint: it may be easier to think of the present value of operating the solar panels for 1 hour per year first. approximately how many hours per year will the solar panels need to operate to enable this project to break even? a. a.3,696.48 b.14,785.92 c.9,241.20 if the solar panels can operate only for 8,317 hours a year at maximum, the project (would/would not)break even?

You are evaluating two different silicon wafer milling machines. the techron i costs $285,000, has a three-year life, and has pretax operating costs of $78,000 per year. the techron ii costs $495,000, has a five-year life, and has pretax operating costs of $45,000 per year. for both milling machines, use straight-line depreciation to zero over the project’s life and assume a salvage value of $55,000. if your tax rate is 24 percent and your discount rate is 11 percent, compute the eac for both machines.