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svetoff [14.1K]
2 years ago
7

The following information is for S Corp first year of operations. Amounts are in millions of dollars. The enacted tax rate is 25

%. Year Future Future Taxable Amounts Amount 2021 2022 2023 2024 2025 Total Accounting income $80 88 75 63 58 Temporary differences: Rental Income 6 0 -4 -1 -1 -6 Depreciation Expense -12 $ 4 $ 3 $ 3 $ 2 $ 12 Permanent Difference: 2 Taxable income $ 76 Required: Prepare the journal entries to record the income tax expense for each year.
Business
1 answer:
baherus [9]2 years ago
6 0

Depreciation Expense  $ 4

<h3>What is Depreciation?</h3>

Depreciation in accounting refers to two aspects of the same concept: First, the actual decrease in the fair value of an asset, such as the annual decrease in the value of factory equipment.

The claim for depreciation on assets used by the assessee for the purpose of business or profession during the previous year. If an asset has been in use for more than 180 days, depreciation of 50% is allowable in that year.

Depreciation in Action - If a company purchases a delivery truck for Rs. 100,000 and expects to use it for 5 years, the company may depreciate the asset at a rate of Rs. 20,000 per year for a period of 5 years.

To know more about Depreciation follow the link:

brainly.com/question/25806993

#SPJ4

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