The following information is available for Skysong Corporation for 2017. 1. Depreciation reported… 1 answer below »
The following information is available for Skysong Corporation for 2017.
1.Depreciation reported on the tax return exceeded depreciation reported on the income statement by $124,000. This difference will reverse in equal amounts of $31,000 over the years 2018–2021.2.Interest received on municipal bonds was $9,300.3.Rent collected in advance on January 1, 2017, totaled $64,200 for a 3-year period. Of this amount, $42,800 was reported as unearned at December 31, 2017, for book purposes.4.The tax rates are 40% for 2017 and 35% for 2018 and subsequent years.5.Income taxes of $297,000 are due per the tax return for 2017.
6.No deferred taxes existed at the beginning of 2017.
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The following information is available for Skysong Corporation for 2017. 1. Depreciation reported… 1 answer below » was first posted on September 19, 2020 at 6:30 am.
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The post The following information is available for Skysong Corporation for 2017. 1. Depreciation reported… 1 answer below » first appeared on Nursing Essays Writers.
