In 2021, Krause Company accrued, for financial statement reporting, estimated losses on disposal of unused plant facilities of $3,600,000. The facilities were sold in March 2022 and a $3,600,000 loss was recognized for tax purposes. Also in 2021, Krause paid $150,000 in premiums for a two-year life insurance policy in which the company was the beneficiary. Assuming that the enacted tax rate is 20% in both 2021 and 2022, and that Krause paid $1,170,000 in income taxes to IRS in 2021, the amount reported as net deferred income taxes on Krause's balance sheet at December 31, 2021, should be a

Tiana daniels enterprise’s trial balance as at december 31, 2016 did not balance. on february 15, 2017 the following errors were detected: errorsi. water rates had been undercast by $2, 000.  ii. a cheque paid to yvonne walch of $2, 680 had been posted to the credit side of her account.  iii. discount received total of $1, 260 had been posted to the debit side of the discount allowed account as $1, 620.  iv. rent paid in the amount of $24, 000 had been posted to the credit of the rent received account.  v. wayne returned goods valuing $1, 680 to daniels enterprise but had been completely omitted from the books.    required: 1. prepare the journal entries to correct the errors.  (narrations required)                    14.5 marks  2.    prepare the suspense account showing clearly the original trial balance error.          8 marks