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Prepare a journal entry to record income taxes for dakota

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North Dakota Corporation began operations in January 2010, and purchased a machine for $20,000. North Dakota uses straight-line depreciation over a four-year period for financial reporting purposes. For tax purposes, the deduction is 50% of cost in 2010, 30% in 2011, and 20% in 2012. Pretax accounting income for 2010 was $150,000, which includes interest revenue of $20,000 from municipal bonds. The enacted tax rate is 30% for all years. There are no other differences between accounting and taxable income.

Required: Prepare a journal entry to record income taxes for the year 2010. Show well-labeled computations.

Reference no: EM13848844

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