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  3. concord inc. had accounting income of $159,600 in

Concord Inc. had accounting income of $159,600 in 2023. Included in the calculation of that...

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Accounting

Concord Inc. had accounting income of $159,600 in 2023. Included in the calculation of that amount is the CEO's life insurance
expense of $6,000, which is not deductible for tax purposes. In addition, the UCC for tax purposes is $13,000 lower than the net
carrying amount of the property, plant, and equipment, although the amounts were equal at the beginning of the year.
Prepare Concord's journal entry to record 2023 income tax. Assume that Concord has a tax rate of 25% and that Concord uses the
taxes payable method of accounting for income taxes under ASPE. (List debit entry before credit entry. Credit account titles are
automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and
enter 0 for the amounts.)
Year Account Titles and Explanation
Debit
Credit
2023
image

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