Quarterly Income Tax Entries Lo 9 Actual quarterly earnings and quarterly estimates of annual earnings...
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Quarterly Income Tax Entries Lo 9 Actual quarterly earnings and quarterly estimates of annual earnings for Sloan Company for the year ended December 31, 2019 are as follows: The combined state and federal tax rate for 2019 is 30%. Sloan Company estimated it would have permanent differences between accounting income and taxable income during 2019. Each quarter's estimate of these annual differences is provided in the following table: Chapter 14 Reporting for Segments and for Interim Financial Periods The actual amount of permanent differences for 2019 were environmental penalties, $14,000 dividend exclusion, $55,000. Required: Prepare journal entries to record Sloan Company's 2019 quarterly income tax provisions
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