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Chapter16AccountingforIncomeTaxes

EXERCISESfutureSincetaxableincomeislessthanaccountingincome,a
taxable amount will occur when the temporary
Exercise161

difference reverses. This means a deferred tax liability


shouldberecordedtoreflectthefuturetaxconsequencesof
thetemporarydifference.
($inmillions)

Incometaxexpense(tobalance)
Deferredtaxliability([$80million50million]x35%)
Incometaxpayable($50millionx35%)

28.0

10.5
17.5

Exercise162
Incometaxexpense(tobalance)
Deferredtaxasset($90,000x40%)
Incometaxpayable(given)

Alternate Exercise and Problem Solutions

249,000
36,000

285,000

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Exercise163

Requirement1
($inmillions)
Current
Future
Year
2013

Deductible
Amounts

Temporarydifference:
Taxableincome
Enactedtaxrate
Taxpayablecurrently
Deferredtaxasset

(280)
720
40%

40%

288

(112)

Deferredtaxasset:
Endingbalance(balancecurrentlyneeded)
Less:beginningbalance($300x40%)
Changeneededtoachievedesiredbalance

$112
(120)
$(8)

Journalentriesattheendof2013
Incometaxexpense(tobalance)
Deferredtaxasset(determinedabove)
Incometaxpayable(determinedabove)
Valuationallowancedeferredtaxasset
Incometaxexpense

296

40

8
288
40

Ofcourse,thesetwoentriescanbecombined.

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Intermediate Accounting, 7e

Exercise163(concluded)

Requirement2
($inmillions)

Incometaxexpense(tobalance)
Deferredtaxasset(determinedabove)
Incometaxpayable(determinedabove)

296

Incometaxexpense
16
Valuationallowancedeferredtaxasset([1/2x$112]$40)

8
288

16

Ofcourse,thesetwoentriescanbecombined.

Exercise164Requirement1

Accountingincome
Permanentdifference:
Municipalbondinterest
Temporarydifference:
Depreciation

($inthousands)
Current
Future
Year
Taxable
2013
Amounts
201420152016

Future
Taxable
Amounts

900
(160)
(40)

(8)

8 40

40

Taxableincome

700

Enactedtaxrate
Taxpayablecurrently
Deferredtaxliability

40%
280

40%

Deferredtaxliability:
Endingbalance(balancecurrentlyneeded)
Less:beginningbalance
Changeneededtoachievedesiredbalance

16

$16
0
$16

Journalentryattheendof2013

Alternate Exercise and Problem Solutions

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Incometaxexpense(tobalance)
Deferredtaxliability(determinedabove)
Incometaxpayable(determinedabove)

296

16
280

Requirement2
($inthousands)

Pretaxaccountingincome
Incometaxexpense
Netincome

$900
(296)
$604

IncomeStatement

Exercise165

ForthefiscalyearendedJune30,2013
Revenues
Costofgoodssold
Grossprofit
Operatingexpenses
Incomefromcontinuingoperationsbeforeincometaxes
Incometaxexpense
Incomebeforeextraordinaryitemanddiscontinuedoperations
Lossondiscontinuedoperations,
lessapplicableincometaxesof$16
Extraordinarycasualtyloss,less
applicableincometaxesof$2
Netincome

($inmillions)

$415
(175)
$240
(90
)
$150
(60)
$90

(24)
(3)
$63

PROBLEMS

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Intermediate Accounting, 7e

Problem161

Requirement1

($inmillions)

Accountingincome
Temporarydifference:
Lotsales
Taxableincome
Enactedtaxrate
Taxpayablecurrently
Deferredtaxliability

Current
Year
2013

Future
Taxable
Amounts
201420152016

Future
Taxable
Amounts
[total]

68
(48)

16

20

12

48

20
40%
8

40%
19.2

Deferredtaxliability:
Endingbalance(balancecurrentlyneeded)
Less:beginningbalance
Changeneededtoachievedesiredbalance

$19.2
(0.0)
$19.2

Journalentryattheendof2013
Incometaxexpense(tobalance)
Deferredtaxliability(determinedabove)
Incometaxpayable(determinedabove)

27.2

19.2
8.0

Problem161(concluded) Requirement2
($inmillions)
Current
Year
2014

Alternate Exercise and Problem Solutions

Future
Taxable
Amounts
20152016

Future
Taxable
Amounts
[total]

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16-5

Accountingincome
Temporarydifference:
Lotsales
Taxableincome
Enactedtaxrate
Taxpayablecurrently
Deferredtaxliability

60
16

20

12

32

76
40%
30.4

35%
11.2

Deferredtaxliability:

Endingbalance
Less:beginningbalance
Changeneededtoachievedesiredbalance

$11.2
(19.2)
$(8.0)

Journalentryattheendof2014
Incometaxexpense(tobalance)
Deferredtaxliability(determinedabove)
Incometaxpayable(determinedabove)

22.4
8.0

30.4

Requirement3
Thebalanceinthedeferredtaxliabilityaccountattheendof2014wouldhave
been$12.8millionifthenewtaxratehadnotbeenenacted:
Futuretaxableamounts
Previoustaxrate
Deferredtaxliability

$32million
40%
$12.8million

Theeffectofthechangeisincludedinincometaxexpense,becauseincometax
expenseislessthanitwouldhavebeeniftheratehadnotchanged.

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Intermediate Accounting, 7e

Problem162Requirement1
($in000s)
PriorYears
20112012

Accountingloss
Permanentdifference:
Finepaid

Temporarydifferences:
Losscontingency

Taxableloss
Losscarryback
Losscarryforward
Enactedtaxrate
Taxpayable(refundable)
Deferredtaxasset

Current
Year
2013

Future
Deductible
Amounts
[total]

(540)
20

(300) (120)
40% 40%
(120) (48)

40
(480)
420
60
0
40%
0

(40)

(60)
(100)
40%
(40)

Deferredtaxasset:
Endingbalance(balancecurrentlyneeded)
Less:beginningbalance
Changeneededtoachievedesiredbalance

$40
(0)
$40

Journalentryattheendof2013
Receivableincometaxrefund($120+48)
Deferredtaxasset(determinedabove)
Incometaxbenefit(tobalance)

Alternate Exercise and Problem Solutions

168
40

208

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Requirement2
($in000s)

Operatinglossbeforeincometaxes
Less:Incometaxbenefit:
Taxrefundfromlosscarryback
Futuretaxbenefits
Netoperatingloss
Problem162(concluded)

$540
$168
40

208
$332

Requirement3

($in000s)
Current
Year
2014

Accountingincome
Temporarydifferences:
Losscontingency
Operatinglosscarryforward
Taxableincome
Enactedtaxrate

Taxpayable
Deferredtaxasset

Future
Deductible
Amounts

240
(40)
(60)
140
40%
56

0
40%
0

Deferredtaxasset:
Endingbalance(balancecurrentlyneeded)
Less:beginningbalance
Changeneededtoachievedesiredbalance

$0
(40)
$(40)

Journalentryattheendof2014
Incometaxexpense(tobalance)
Deferredtaxasset(determinedabove)
Incometaxpayable(determinedabove)

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96

40
56

Intermediate Accounting, 7e

Alternate Exercise and Problem Solutions

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