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Business, 30.03.2020 19:15 valerieaj113

Valuation Account At the end of 2013, its rst year of operations, Beattie Company reported taxable income of $38,000 and pretax nancial income of $34,400. The difference is due to the way the company handles its warranty costs. For tax purposes, Beattie deducts the warranty costs as they are paid. For nancial reporting purposes, Beattie provides for a year-end estimated warranty liability based on future expected costs. Beattie is subject to a 30% tax rate for 2013, and no change in the tax rate has been enacted for future years. Based on veriable evidence, the company decides it should establish a valuation allowance of 60% of its ending deferred tax asset. Required:1. Prepare Beattie’s income tax journal entry at the end of 2013.2. Prepare the lower portion of the Beattie’s 2013 income statement.

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Valuation Account At the end of 2013, its rst year of operations, Beattie Company reported taxable i...
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