Problem 1
Brogan, Inc., reports bad debt expense using the allowance method. For tax
purposes the direct write-off method is used. At the end of the current year,
Brogan has accounts receivable and an allowance for uncollectible accounts of
$4,000,000 and $300,000, respectively, and taxable income of $22,000,000. At
the end of the previous year, Pocus reported a deferred tax asset of $90,000
related to the difference in reporting bad debts, its only temporary
difference. The enacted tax rate is 35% each year.
Requirements:
1 Prepare the appropriate journal entry for Brogan to record the income tax
provision for the current year. Show well-labeled supporting computations. Problem 2
At the end of the prior year, Tasha Inc. had a deferred tax asset of
$21,000,000 attributable to its only timing difference, a temporary difference
of $48,000,000 in a liability for estimated expenses. At that time a valuation
allowance of $3,000,000 was established. At the end of the current year, the
temporary difference is $47,000,000, and Tasha determines that the balance in
the valuation account should now be $4,000,000. Taxable income is $18,000,000
and the tax rate is 35% for all years.
Requirements:
2. Prepare journal entries to record TashaΓ’ΒΒs income tax expense for the current
year. Show well-labeled supporting computations for the income tax payable, the
valuation allowance, and the change in the deferred tax asset account.
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