Solution-Prepare the adjusting entry for the deferred tax

Prepare the adjusting entry for the deferred tax

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Reference no: EM132612892

The company uses straight line depreciation for book and MACRS depreciation for the tax return

Question 1: MACRS depreciation was $209,301 higher than book. Prepare the adjusting entry for the deferred tax.

There have been recent tax structure changes that could impact the company. Peyton Approved has been a C Corp since the beginning of these changes. Peyton provides for taxes at 25% of pretax income (20% Federal, 5% state).

Reference no: EM132612892

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Prepare the adjusting entry for the deferred tax

Reference no: EM132612892

Reference no: EM132612892

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