Accounting Assignment | College Homework Help

Case Development began operations in December 2018. When property is sold on an installment basis, Case recognizes installment income for financial reporting purposes in the year of the sale. College Homework HelpFor tax purposes, installment income is reported by the installment method. 2018 installment income was $720,000 and will be collected over the next three years. Scheduled collections and enacted tax rates for 2019–2021 are as follows:

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2019 $ 174,000 30 %
2020 310,000 40
2021 236,000 40

Case also had product warranty costs of $92,000 expensed for financial reporting purposes in 2018. For tax purposes, only the $26,000 of warranty costs actually paid in 2018 was deducted. The remaining $66,000 will be deducted for tax purposes when paid over the next three years as follows:

2019 $ 22,400 30 %
2020 27,400 40
2021 16,200 40

Pretax accounting income for 2018 was $990,000, which includes interest revenue of $22,000 from municipal bonds. The enacted tax rate for 2018 is 30%.

Required:
1. Assuming no differences between accounting income and taxable income other than those described above, prepare the appropriate journal entry to record Case’s 2018 income taxes.
2. What is Case’s 2018 net income?

  • Required 1College Homework Help

Assuming no differences between accounting income and taxable income other than those described above, prepare the appropriate journal entry to record Case’s 2018 income taxes. (If no entry is required for a transaction/event, select “No journal entry required” in the first account field. Enter your answers in thousands and round your answers to 2 decimal places.)

No Event General Journal Debit Credit
1 1 Income tax expense
Deferred tax asset
Deferred tax liability
Income tax payable

What is Case’s 2018 net income? (Enter your answer in thousands and round your answer to 2 decimal places.) Get Accounting Homework Help Today

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