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(Solved): The following information is avallable for Cheyerne Corpot ation for 2020 . 1. Deprecistion reporte ...





The following information is avallable for Cheyerne Corpot ation for 2020 .
1. Deprecistion reported on the tax return evceed
Prepare the joumal entries to record income tax expense, deferred income taxes, and income taxes payable for 2020 and 20 Assu
Prepare the income tax expense section of the income statement for 2020 , beginning with Income before income taxes. \( (E
The following information is avallable for Cheyerne Corpot ation for 2020 . 1. Deprecistion reported on the tax return evceeded depreciation reported on the income statement by 5118,000 This difference will reverse in equal amounts of 529,500 over the yous . 2. Interest received on municipal bonds was . 3. Rent collected in advance on January 1,2020, totaled for a 3 - rear periad of they artount 539,200 was reported as unearned at December 31. 2020, for book purnoses 4. The takrates are for 2020 and for 2021 and subequent vears. 5. Income taves of 3345,000 are die per the tax return for 2020. 6. No deferred tave existed at the bepinning of 2020 . Prepare the joumal entries to record income tax expense, deferred income taxes, and income taxes payable for 2020 and 20 Assume takable income was in 2021. (Credit occount titles are dutomatically indented when amount is enter. Do not indent manuolly. II no entry is required, select "No Entry' for the account titles and enter of for the amounts. Prepare the income tax expense section of the income statement for 2020 , beginning with "Income before income taxes." negative amounts using either a negative sign preceding the number e 8 . or parentheses e.g. (45).)


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Preparation of Journal entries:Assume taxable income was $913,000 in 2021ABCD1DateAccount Title
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