Reference no: EM132948020
QUESTION - The following facts relate to Krung The p Corporation:
Deferred tax liability, January 1, 2015, $40,000
Deferred tax asset, January 1, 2015, $0
Taxable income for 2015, $115,000
Pretax financial income for 2015, $200,000
Cumulative temporary difference at December 31, 2015, giving rise to future taxable amounts, $220,000
Cumulative temporary difference at December 31, 2015, giving rise to future deductible amounts, $35, 000
Tax rate for all years, 40%
The company is expected to operate profitably in the future.
Required -
a. Compute income taxes payable for 2015.
b. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2015.
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