Ch19 solutions 7-8-11

Ch19 solutions 7-8-11 - CHAPTER 19 Accounting for Income...

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Unformatted text preview: CHAPTER 19 Accounting for Income Taxes SOLUTIONS TO EXERCISES EXERCISE 19-7 (10–15 minutes) (a) greater than (b) $190,000 = ($76,000 divided by 40%) (c) are not (d) less than (e) benefit; $15,000 (f) $3,500 = [($100,000 X 40%) – $36,500] (g) debit (h) $59,000 = ($82,000 – $23,000) (i) more likely than not; will not be (j) benefit 19-1 EXERCISE 19-8 (10–15 minutes) (a) 2007 Income Tax Expense................................................ 336,000 Deferred Tax Asset ($20,000 X 40%)...................... 8,000 Deferred Tax Liability ($30,000 X 40%).......... 12,000 Income Tax Payable ($830,000 X 40%).......... 332,000 2008 Income Tax Expense................................................ 364,000 Deferred Tax Asset ($10,000 X 40%)...................... 4,000 Deferred Tax Liability ($40,000 X 40%).......... 16,000 Income Tax Payable ($880,000 X 40%).......... 352,000 2009 Income Tax Expense................................................ 378,000 Deferred Tax Asset ($8,000 X 40%)........................Deferred Tax Asset ($8,000 X 40%)....
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Ch19 solutions 7-8-11 - CHAPTER 19 Accounting for Income...

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