PROBLEM 14-6 Quarterly Income Tax Entries LO 9 Actual quarterly earnings...
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Accounting
PROBLEM
Quarterly Income Tax Entries LO
Actual quarterly earnings and quarterly estimates of annual earnings for Sloan Company for the year ended December are as follows:
Quarter
Actual Quarterly Earnings
Quarterly Estimates of Annual Earnings
$
$
NA
The combined state and federal tax rate for is Sloan Company estimated it would have permanent differences between accounting income and taxable income during Each quarters estimate of these annual differences is provided in the following table:
Estimated Permanent Differences
Estimate at End of Quarter
Penalty for Pollution
Dividend Exclusion
$
$
The actual amount of permanent differences for were environmental penalties, $ dividend exclusion, $
Required:Prepare journal entries to record Sloan Companys quarterly income tax provisions.
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