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What is the required current or deferred tax journal entry

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Reference no: EM132130314

Question - 2018 Pretax Accounting Income: $400,000

All Fixed Assets Purchased Prior to January 1, 2018 were Fully Depreciated at 12/31/17

Fixed Assets purchased on January 1, 2018 for $100,000 and have Estimated Life of 4 Years

Depreciation for Accounting Purposes is Straight Line

Depreciation for Tax Purposes for 4 Year Assets is 50%, 40%, 5%, and 5%

Federal Tax Rate is 20%

1. What is the taxable income for the year ended December 31, 2018?

2. What is the required current/deferred tax journal entry at December 31, 2018?

Reference no: EM132130314

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