Business, 13.04.2021 02:40 Josediego55

For calendar year 2021, Pharoah Corp. reported depreciation of $1640000 in its income statement. On its 2021 income tax return, Pharoah reported depreciation of $2476000. Pharoah's income statement also included $312000 accrued warranty expense that will be deducted for tax purposes when paid. Pharoah's enacted tax rates are 20% for 2021 and 2022, and 15% for 2023 and 2024. The depreciation difference and warranty expense will reverse over the next three years as follows: Depreciation Difference Warranty Expense 2022 $332000 $64000 2023 292000 104000 2024 212000 144000 $836000 $312000 These were Pharoah's only temporary differences. In Pharoah's 2021 income statement, the deferred portion of its provision for income taxes should be

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For calendar year 2021, Pharoah Corp. reported depreciation of $1640000 in its income statement. On...

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