545 WK 1 Exercise Question 1

  1. Calculate the amount of temporary difference for the year and indicate whether it causes book income to be more or less than taxable income.
  2. Calculate the amount of permanent difference for the year and indicate whether it causes book income to be more or less than taxable income.
  3. Provide the journal entry to record income tax expense for the year.
  4. Compute the effective tax rate (that is, income tax expense divided by book income before taxes).

Please note that this is a three questions assignment however the system only allows me to do one at a time so once this one is done I can post the next question.  It is a total of three questions.

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