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Matching Using the legend provided, classify each statement accordingly. In all cases, assume that book...

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Accounting

Matching
Using the legend provided, classify each statement accordingly. In all cases, assume that book income is being
adjusted to arrive at taxable income for 2023.
a. Increase
b. Decrease
c. No effect
Gain on installment sale in 2010 deferred until 2023.
Nondeductible fines and penalties incurred in 2023.
Federal income tax refunds from tax paid in prior years.
50% of meal and entertainment expenses recognized in 2023.
Cash dividends distributed to shareholders in 2023.
Gain realized, but not recognized, in a like-kind exchange transaction in 2023.
Domestic production activities deduction available in 2023.
Premiums paid on key employee life insurance policy (assume no increase in cash surrender value of policy)
in 2023.
Section 179 expense taken in year of the election (2023).
Penalties paid to state government for failure to comply with state law.
Dividends received deduction.
Interest on municipal bonds received in the current year.
Excess capital loss in year incurred.
State income tax paid in the current year.
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