At the end of the prior year, Doubtful Inc. had a deferred tax asset of $14,500,000 attributable to its only timing difference, a temporary difference of $58,000,000 in a liability for estimated expenses. At that time, a valuation allowance of $4,720,000 was established. At the end of the current year, the temporary difference is $53,000,000, and Doubtful determines that the balance in the valuation account should now be $5,000,000. Taxable income is $15,800,000 and the tax rate is 25% for all years. Required: Prepare journal entries to record Doubtful's income tax expense for the current year.

S/N     Account Titles and Explanation           Debit           Credit

  1        Income tax expense (balance)         $6,780,000

                      Deferred tax asset                                        $1,250,000

                      (53,000,000*25%)  - 14,500,000

                      Income taxes payable                                   $5,530,000

                     (15,800,000 *35%)                  

            (To record tax expenses)  

2          Income tax expense                          $280,000

                      Valuation allowance - deferred tax asset    $280,000

                       (4,720,000 - 5,000,000)

            (To record valuation allowance)

the most important factor in the

work process or industry is to retain the interest of the employee. and to

retain them, their salary or profit must be adjusted to the best value. unless

the employee does not do his job properly, employees must receive bonuses or

benefits to ensure them to stay in the company. it will actually make them stay

longer, make them feel important and reduce costs for hiring new employees.

explanation:

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reducing the scale of the market for a new product.