For calendar year 2021, Pharoah Corp. reported depreciation of $1640000 in its income statement. On its 2021 income tax return, Pharoah reported depreciation of $2476000. Pharoah's income statement also included $312000 accrued warranty expense that will be deducted for tax purposes when paid. Pharoah's enacted tax rates are 20% for 2021 and 2022, and 15% for 2023 and 2024. The depreciation difference and warranty expense will reverse over the next three years as follows: Depreciation Difference Warranty Expense 2022 $332000 $64000 2023 292000 104000 2024 212000 144000 $836000 $312000 These were Pharoah's only temporary differences. In Pharoah's 2021 income statement, the deferred portion of its provision for income taxes should be

Pharoah Corp.

In Pharoah's 2021 income statement, the deferred portion of its provision for income taxes should be:

= $104,800.

Explanation:

a) Data and Calculations:

Tax rates for 2021 and 2022 = 20%

Tax rates for 2023 and 2024 = 15%

2021 Income Statement Depreciation reported = $1,640,000

2021 Income Tax Depreciation on tax return = $2,476,000

Temporary difference due to depreciation = $836,000 ($2,476,000 - $1,640,000)

Temporary difference due to Accrued Warranty Expense = $312,000

Temporary Differences Reversal:

                    Depreciation Difference       Warranty Expense

2022                      $332,000                               $64,000

2023                        292,000                                104,000

2024                         212,000                                144,000

Total                       $836,000                             $312,000

Deferred Tax Liability (Depreciation Difference) = $167,200 ($836,000 * 20%)

Deferred Tax Asset (Warranty Expense) = $62,400 ($312,000 * 20%)

Deferred portion of provision for income taxes = $104,800 ($167,200 - $62,400)

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