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stiks02 [169]
2 years ago
6

Hopkins Co. at the end of 2022, its first year of operations, prepared a reconciliation between pretax financial income and taxa

ble income as follows:
Pretax financial income $750,000
Estimated litigation expense $1,000,000
Extra depreciation for taxes (1,500,000)
Taxable income $250,000

The estimated litigation expense of $1,000,000 will be deductible in 2023 when it is expected to be paid. Use of the depreciable assets will result in taxable amounts of $500,000 in each of the next three years. The income tax rate is 30% for all years.

Required:
Make a journal entry to record the income taxes at the end of 2021.
Business
1 answer:
seropon [69]2 years ago
3 0

Answer:

I don't know

Explanation:

Hopkins Co. at the end of 2022, its first year of operations, prepared a reconciliation between pretax financial income and taxable income as follows:

Pretax financial income $750,000

Estimated litigation expense $1,000,000

Extra depreciation for taxes (1,500,000)

Taxable income $250,000

The estimated litigation expense of $1,000,000 will be deductible in 2023 when it is expected to be paid. Use of the depreciable assets will result in taxable amounts of $500,000 in each of the next three years. The income tax rate is 30% for all years.

Required:

Make a journal entry to record the income taxes at the end of 2021

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