### The following information is provided income before taxes

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The following information is provided: Income before taxes \$900,000 Income before taxes included the following Requirements: Interest income of= \$80,000 (from municipal bonds) Rental income was collected in advance in 2011 and earned in 2012 = \$20,000 A piece of equipment was purchased in 2012. Depreciation per books = \$40,000 and per income taxes \$100,000. Warranty expense in 2012 was \$20,000 but for tax purposed only \$5,000 was deductible. Assume that at the beginning of 2012 deferred tax asset = \$8,000 due to the rent mcome. Tax rate for 2012 and the foreseeable future is 40%.

a. Calculate taxable income

b. Make the necessary tax entry. (include the amounts for tax expense and deferred taxes.

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