Computing and recording a corporation’s income tax
The accounting records of Reflection Glass Corporation provide income statement data for 2012.
| Total revenue | $ 910,000 |
| Total expenses | 670,000 |
| Income before tax | $ 240,000 |
Total expenses include depreciation of $54,000 computed on the straight-line method. In calculating taxable income on the tax return, Reflection Glass uses the modified accelerated cost recovery system (MACRS). MACRS depreciation was $75,000 for 2012. The corporate income tax rate is 36%. Requirements
1. Compute taxable income for the year. For this computation, substitute MACRS depreciation in place of straight-line depreciation.
2. Journalize the corporation’s income tax for 2012.
3. Show how to report the two income tax liabilities on Reflection’s classified balance sheet.
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