Question: Company A has pretax financial income of 520,000 at the end of 2021.
For tax purposes, depreciation was 1,200,000 higher than book (this will result in taxable amounts of $400K over the next three years).
Estimated deductible expenses for tax for 890,000 (this will be deductible in 2024).
The tax rate is 20% and will remain 20% over the next few years.
Required:
1. Reconcile Book income to Tax - What is tax books income?
2. What is the schedule of future taxable and deductible amounts?
3. What is the tax expense, what are the DTA's and the DTL (if it helps make the Journal Entry)?
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