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A few years ago, Brown Corp. purchased equipment for $20,000,000. Western uses straight-line depreciation for financial reporting and MACRS for tax purposes. At December 31, 2008, the carrying value of the equipment was $18,000,000 and its tax basis was $15,000,000. At December 31, 2009, the carrying value of the equipment was $16,000,000 and the tax basis was $11,000,000. There were no other temporary differences and no permanent differences. Pretax accounting income for the current year was $25,000,000. A tax rate of 35% applies to all years.
Required:
Prepare one journal entry to record Brown's income tax expense for the current year. Show well-labeled computations for the income tax payable and the change in the deferred tax account.
Barnett Corporation owns an office building that cost $900,000. Barnett has taken $600,000 of depreciation on the building. The property is subject to a $600,000 mortgage. The office building has a current FMV of $400,000.
The Denim World sells fabrics to a wide range of industrial and consumer users. One of the products it carries is denim cloth, used in the manufacture of jeans and carrying bags.
You note that the carload was shipped December 24 from Albuquerque, f.o.b. Albuquerque, and that the total invoice price of the goods in the car was $35,300. The freight bill called for a payment of $1,500. Terms were net 30 days. The bookkeeper a..
A company's 2010 income statement reported total sales revenue of $1,200,000; accounts receivable increased by $25,000 and the unearned revenue account decreased $15,000 during 2010. How much cash was collected from customers during 2010?
During the year 2010, the corporation earned $600,000 after deducting all expenses. The tax rate was 30%. Calculate 1. Earnings per share 2. Earnings per share assuming bond conversion
Its unamortized cost on Royce's books was $400,000. In Klein's 2010 income statement, what amount should be reported as amortization expense?
Once the convergence of US GAAP and IFRS has been completed, should US companies restatement their financials for a better comparsion for prior years? Why/why not?
Bar T Ranches, Inc. is considering the purchase of a new helicopter for $400,000. The firm's old helicopter has a book value of $90,000, but can only be sold for $60,000. It was being depreciated at the rate of $13,500 per year for four more years..
What are the implications for a company's receivable management of selling its products internationally?
Discuss the conflict between the need for personal privacy and confidentiality in banking transactions and the need for the government to curtail money laundering activities.
Determine the dividends per share and total cash dividends paid to the preferred and common stockholders during each of the four years. If an amount is zero, enter "0". If required, round your answers to two decimal places.
The cost associated with maintaining rural highways follows a predictable pattern. There're basically no costs for the first three years, but thereafter maintenance is needed for restriping, weed control, light replacement, shoulder repairs, etc.
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