Income taxes journal entry

Reference no: EM1357223

Tazmania Inc. had pretax financial income of $154,000 in 2007. Included in the computation of that amount is insurance expense of $4,000 which is not deductible for tax purposes. In addition, depreciation for tax purposes exceeds accounting depreciation by $14,000. Prepare Tazmania's journal entry to record 2007 taxes, assuming a tax rate of 45%.

Reference no: EM1357223

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Income taxes journal entry : Tazmania Inc. had pretax financial income of $154,000 in 2007. Prepare Tazmania's journal entry to record 2007 taxes, assuming a tax rate of 45%.

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