Solved: Given - 2018 municipal bond interest income included in, Accounting Basics

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Given - 2018 municipal bond interest income included in

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2018 Pretax Accounting Income: $400,000

2018 Municipal Bond Interest Income Included in Pretax Accounting Income: $20,000

2018 Warranty Expense of $70,000 for Accounting Purposes

2018 Actual Warranty Costs Incurred were $50,000

December 31, 2018 Warranty Liability is $20,000

Federal Tax Rate is 20%

1. What is the taxable income for the year ended December 31, 2018?

2. What is the required current/deferred tax journal entry at December 31, 2018?

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