Business, 06.05.2020 01:34 angellong94

Durmstrang Institute provided the following information for the tax year 2020. There was no beginning balance in deferred tax account(s). Taxable income for 2020 was $180,000. Tax rate is 25%. Three temporary differences were identified:. 1. Estimated litigation accrual of $60,000, not deductible for tax purposes. Settlement not expected to take place until 2022. 2. Excess of accelerated depreciation over GAAP depreciation of $36,000 caused a difference in the $150,000 GAAP basis and the $114,000 tax basis of equipment. One-third of the difference will reverse in 2021. 3. Unrealized holding gain on equity securities of $10,500 not recognized for tax purposes. Durmstrang Institute intends to sell the security in early 2021. The investment (accounted for under FV-NI) is reported at its fair value of $30,000 at year-end in its financial statements. Record the income tax journal entry on December 31, 2020. If there is no adjustment needed for an account, enter a 0 in the box (do not leave any boxes blank).. Do not use ".00", "$" or negatives in your answers.

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