The following facts relate to Bramble Corporation. 1. Deferred tax liability, January 1, 2020, $34,200.
2. Deferred tax asset, January 1, 2020, $11,400.
3. Taxable income for 2020, $119,700.
4. Cumulative temporary difference at December 31, 2020, giving rise to future taxable amounts, $262,200.
5. Cumulative temporary difference at December 31, 2020, giving rise to future deductible amounts, $108,300.
6. Tax rate for all years, 20%. No permanent differences exist.
7. The company is expected to operate profitably in the future.

Required:
a. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020.
b. Compute the amount of pretax financial income for 2020.

Suppose that real interest rates increase across europe. this development will u. s. net capital outflow at all u. s. real interest rates. this causes the loanable funds to because net capital outflow is a component of that curve.

The sec has historically raised questions regarding the independence of firms that derive a significant portion of their total revenues from one audit client or group of clients because the sec staff believes this situation causes cpa firms to

Martinez company has the following two temporary differences between its income tax expense and income taxes payable. 2017 2018 2019 pretax financial income $873,000 $866,000 $947,000 (2017' 2018, 2019) excess depreciation expense on tax return (29,400 ) (39,000 ) (9,600 ) (2017' 2018, 2019) excess warranty expense in financial income 20,000 9,900 8,300 (2017' 2018, 2019) taxable income $863,600 $836,900 $945,700(2017' 2018, 2019) the income tax rate for all years is 40%. instructions: a. prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2017, 2018, and 2019. b. assuming there were no temporary differences prior to 2016, indicate how deferred taxes will be reported on the 2016 balance sheet. button's warranty is for 12 months. c. prepare the income tax expense section of the income statement for 2017, beginning with the line, "pretax financial income."