acc_423_week_1_individual_assignme...

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acc_423_week_1_individual_assignme...

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ACC423(One Temporary Difference, Future Taxable Amounts, One Rate, Beginning Deferred Taxes)Bandung Corporation began 2007 with a $92,000 balance in the Deferred Tax Liability account.At the end of 2007, the related cumulative temporary difference amounts to $350,000, and itwill reverse evenly over th next 2 years. Pretax accounting income for 2007 is $525,000, thetax rate for all years is 40%, and taxable income for 2007 is $405,000.ferred Taxes)ability account.50,000, and it525,000, thea. Compute income taxes payable for 2007.Income taxes payable for 2007are$162,000b. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxesIncome Tax ExpenseIncome Tax PayableDeferred Tax LiabilityFuture taxable amountsTax rateDeferred tax liability at the end of 2007Deferred tax liability at the beginning of 2007Deferred tax expense for 2007Current tax expense for 2007Income tax expense for 2007Future Years2008$175,00040%$70,000c. Prepare the income tax expense section of the income statement for 2007 beginning with the lineincome taxes".BANDUNG CORPORATIONINCOME STATEMENT (PARTIAL) FOR 2007Income before income taxesIncome tax expenseCurrentDeferredncome taxes, and income taxes payable for 2007.210,000162,00048,000uture Years2009$175,00040%$70,000Total$350,000$140,00092,00048,000162,000210,000or 2007 beginning with the line Income beforeIAL) FOR 2007$525,000$162,00048,000210,

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