esme3852
12.08.2020 •
Mathematics
In 2021, Ryan Management collected rent revenue for 2022 tenant occupancy. For financial reporting, the rent is recorded as deferred revenue and then recognized as revenue in the period tenants occupy rental property. For tax reporting, the rent is taxed when collected in 2021. The deferred portion of the rent collected in 2021 was $66 million. Taxable income is $260 million in 2021. No temporary differences existed at the beginning of the year, and the tax rate is 25%. Prepare the appropriate journal entry to record income taxes in 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).)
Solved
Show answers
More tips
- S Style and Beauty What to Do When Hair Starts Falling Out?...
- H Health and Medicine Novomin: What is it and how to use it?...
- P Philosophy Unbelievable stories of encounters with otherworldly forces...
- L Leisure and Entertainment How to Choose the Perfect Gift for Men on February 23rd?...
- H Health and Medicine How to Treat Whooping Cough in Children?...
- H Health and Medicine Simple Ways to Lower Cholesterol in the Blood: Tips and Tricks...
- O Other How to Choose the Best Answer to Your Question on The Grand Question ?...
- L Leisure and Entertainment History of International Women s Day: When Did the Celebration of March 8th Begin?...
- S Style and Beauty Intimate Haircut: The Reasons, Popularity, and Risks...
- A Art and Culture When Will Eurovision 2011 Take Place?...
Answers on questions: Mathematics
- M Mathematics Write 0.452 as a percent. Round to the nearest whole number....
- M Mathematics 7/28 in reduced fraction...
- M Mathematics What dose lowest terms mean...
- M Mathematics Y=15+36.5x Y=60+28.5x...
- M Mathematics Eliminate 3x+2y=4 8x-3y=-6...
- M Mathematics I NEED HELP RIGHT NOW WILL GIVE BRAINLIEST...
- M Mathematics ?????????????????????...
- M Mathematics I need help on this assignment...
- M Mathematics O professora Marilia de Matemática do 7º ano utilizará uma pesquisa estatística como trabalho para o 4º bimestre. Para isso, os alunos foram divididos em 6 grupos e cada...
- M Mathematics How many times as great as 2x10 ^3 is 8x10^5...
Ответ:
Answer and Explanation:
The Journal entry is shown below:-
1. Income Tax Expense Dr, $336 million
Deferred Tax Assets Dr, $29 million
($116 million × 25%)
To Income Tax Payable $365 million
($1,460 × 25%)
(Being income tax and deferred tax is recorded)
2. Income Tax Expense Dr, $400 million
To Income Tax Payable $340 million
($1,360 × 25%)
To Deferred Tax Assets $60 million
(($354.0 million - $116 million) × 25%)
(Being income tax and deferred tax is recorded)
Step-by-step explanation:
Ответ: