the accounting not the income tax records of haynes publications inc provide the com 4374847

The accounting (not the income tax) records of Haynes Publications, Inc., provide the comparative income statement for 20X1 and 20X2, respectively: Taxable income for 20X1 includes these modifications from pretax accounting income: a. Additional taxable income of $10,000 for rent revenue earned in 20X2 but taxed in 20X1. b. Additional depreciation expense of $20,000 for MACRS tax depreciation. The income tax rate is $40%. Required 1. Compute Haynes’ taxable income for 20X1. 2. Journalize the corporation’s income taxes for 20X1. 3. Prepare the corporation’s income statement for 20X1. View Solution:
The accounting not the income tax records of Haynes Publications

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