![subject](/tpl/images/cats/ekonomika.png)
Allmond Corporation, organized on January 3, 2021, had pretax accounting income of $17 million and taxable income of $28 million for the year ended December 31, 2021. The 2021 tax rate is 25%. The only difference between accounting income and taxable income is estimated product warranty costs. Assume that expected payments and scheduled tax rates (based on recently enacted tax legislation) are as follows:
2022 $ 4 million 25 %
2023 2 million 25 %
2024 2 million 25 %
2025 3 million 20 %
Required:
1. Determine the amounts necessary to record Allmond's income taxes for 2021 and prepare the appropriate journal entry.
2. What is Allmond's 2021 net income? Complete this question by entering your answers in the tabs below.
Required
1 Calculation Required 16 Required 2 Determine the amounts necessary to record Almond's income taxes for 2021. (Enter your answers in millions rounded to 2 decimal places (le, 5,500,000 should be entered as 5.50). Enter all amounts as positive values.) ($ in millions) Tax Rate Tax $ Recorded as: Protax accounting income $ 1700 Witrary cousteversing in 2022 2023 X
![ansver](/tpl/images/cats/User.png)
Answers: 1
![](/tpl/images/ask_question.png)
![](/tpl/images/ask_question_mob.png)
Other questions on the subject: Business
![image](/tpl/images/cats/ekonomika.png)
![image](/tpl/images/cats/ekonomika.png)
Business, 22.06.2019 01:30, esquiveljadyn8054
Monica needs to assess the slide sequence and make quick changes to it. which view should she use in her presentation program? a. outline b. slide show c. slide sorter d. notes page e. handout
Answers: 1
![image](/tpl/images/cats/ekonomika.png)
Business, 22.06.2019 09:30, Yvette538
The 39 percent and 38 percent tax rates both represent what is called a tax "bubble." suppose the government wanted to lower the upper threshold of the 39 percent marginal tax bracket from $335,000 to $208,000. what would the new 39 percent bubble rate have to be? (do not round intermediate calculations. enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
Answers: 3
You know the right answer?
Allmond Corporation, organized on January 3, 2021, had pretax accounting income of $17 million and t...
Questions in other subjects:
![Konu](/tpl/images/cats/mat.png)
Mathematics, 27.05.2021 21:40
![Konu](/tpl/images/cats/himiya.png)
Chemistry, 27.05.2021 21:40
![Konu](/tpl/images/cats/obshestvoznanie.png)
Social Studies, 27.05.2021 21:40
![Konu](/tpl/images/cats/mat.png)
Mathematics, 27.05.2021 21:40
![Konu](/tpl/images/cats/en.png)
English, 27.05.2021 21:40
![Konu](/tpl/images/cats/mat.png)
![Konu](/tpl/images/cats/mat.png)
Mathematics, 27.05.2021 21:40
![Konu](/tpl/images/cats/mat.png)
![Konu](/tpl/images/cats/en.png)
![Konu](/tpl/images/cats/mat.png)
Mathematics, 27.05.2021 21:40