Question - Devin, Inc., reported the following results for the current year.
Book income (before tax) $670,000
Book depreciation in excess of tax 25,000
Non-tax-deductible accrued vacation 17,500
Meals & Entertainment (50% deductible) 20,000
Determine Devin Inc.'s taxable income for the current year. Identify any temporary or permanent book-tax differences. Also, what would be the entry to record the current year current and deferred tax expense assuming a tax rate of 35%.