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Home Q & A Board Other Fields Homework Help Business Accounting
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Mandarini Mandarini
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7 years ago
Beta Corporation incurs an $80,000 regular tax liability and a $20,000 AMT liability. Assuming no restrictions on Beta's ability to use the minimum tax credit, what journal entry would be necessary to record tax expense?
A)
Federal income tax expense   60,000
Deferred tax asset   20,000
Taxes payable   80,000

B)
Federal income tax expense   80,000
  Taxes payable    80,000

C)
Federal income tax expense   60,000
Taxes payable   60,000

D)
Federal income tax expense   80,000
Deferred tax asset    20,000
Taxes payable   60,000
Textbook 
Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts

Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts


Edition: 27th
Authors:
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RimounRimoun
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7 years ago
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Mandarini Author
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#2
7 years ago
Wow you guys are great!!!!!!!!!!!!!!

always correct
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