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Recording Income Tax Expense The Boeing Company reports the following tax information in Note 4...

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Accounting

Recording Income Tax Expense The Boeing Company reports the following tax information in Note 4 to its 2014 financial report.

Year ended December 31 2014 2013 2012
Current tax expense
U.S. federal $775 $-84 $756
Non-U.S. 93 78 63
U.S. state 71 13 21
939 7 831
Deferred tax expense
U.S. federal 927 1,630 1,308
Non-U.S 36 43 (15)
U.S state (7) 71 85
956 1,744 1,378
Total income tax expense $1,895 $1,751 $2,209

a. Record Boeing's provision for income taxes for 2014 using the financial statement effects template.

Use negative signs with answers when appropriate. When applicable, enter total amount for liabilities.

Balance Sheet Income Statement
Transaction Cash Asset + Noncash Asset = Liabilities + Contrib. Capital + Earned Capital Revenues - Expenses = Net Income
To record income tax expense Answer + Answer = Answer + Answer + Answer Answer - Answer = Answer

b. Record Boeing's provision for income taxes for 2014 using journal entries.

General Journal
Description Debit Credit
AnswerDeferred tax assetDeferred tax liabilityIncome tax expense Answer Answer
AnswerDeferred tax assetDeferred tax liabilityIncome tax expense Answer Answer
Income tax payable Answer Answer

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