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Marina CMI [18]
2 years ago
12

In 2021, Ryan Management collected rent revenue for 2022 tenant occupancy. For financial reporting, the rent is recorded as defe

rred revenue and then recognized as revenue in the period tenants occupy rental property. For tax reporting, the rent is taxed when collected in 2021. The deferred portion of the rent collected in 2021 was $194.0 million. No temporary differences existed at the beginning of the year, and the tax rate is 25%. Suppose the deferred portion of the rent collected was $76 million at the end of 2022. Taxable income is $760 million. Prepare the appropriate journal entry to record income taxes Iin 2022.
Transaction General Journal Debit Credit
Income tax expense
Deferred tax asset
Income taxes payable 340.0
Business
1 answer:
galben [10]2 years ago
6 0

Answer:

                                Ryan Management

                                    Journal Entries

Date            Particulars                  Debit'million   Credit'million  

31-Dec-22   Income tax expense       $219.50

                           To Income tax payable                 $190

                            ($760 * 25%)

                           To Deferred tax asset                   $29.50

                             [($194 - $76)*25%]

                    (To record income tax expense and reversal of Deferred

                      tax asset)

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