The following information is available for Skysong Corporation for 2017. 1. Depreciation reported…
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. |
The following information is available for Skysong Corporation for 2017. 1. Depreciation reported…