LLS6e_Ch09 - Student Name Class Problem 09-10 PEARSON...

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Student Name: Class: Problem 09-10 PEARSON CORPORATION Requirement 1: (a) Income Taxes Payable: (b) Deferred Income Tax Straight Line Depreciation Accelerated Depreciation Temporary Difference Tax Rate Deferred Income Tax: Is the deferred income tax a liability or an asset? Explain: Requirement 2: Amounts to be reported on income statement and balance sheet: Income Statement Income tax Expense Balance Sheet: Deferred Income Tax Liability Income Tax Payable
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Given P09-10 PEARSON CORPORATION December 31, 2009 records: Income statement Revenues $140,000 Depreciation expense (straight line) (11,000) Remaining expenses (excluding income tax) (90,000) Pretax income $39,000 Equipment depreciated: Date equipment acquired Jan. 1, 2009 Cost of equipment $44,000 Useful life (years) 4 Residual value -0- Accelerated depreciation recorded: 2009 $17,600 2010 13,200 2011 8,800 2012 4,400 Income tax rate 30% Percent of income tax paid in 85% year incurred Taxable income in 2009 $32,400
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Student Name: Class:
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This note was uploaded on 01/31/2010 for the course ACCOUNTING 30516 taught by Professor Whoever during the Spring '09 term at American Academy of Art.

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LLS6e_Ch09 - Student Name Class Problem 09-10 PEARSON...

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