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question in 2012 ryan management collected rent revenue for 2013 tenant occupancy fo 4279356

Question

In 2012, Ryan Management collected rent revenue for 2013 tenant occupancy. For financial reporting, the rent is recognized as income in the period earned, but for income tax reporting it is taxed when collected. The unearned portion of the rent collected in 2012 was $50 million. Taxable income is $180 million. No temporary differences existed at the beginning of the year, and the lax rate is 20%. Prepare the appropriate journal entry to record income taxes. Refer to the situation described in BE 16-3. Suppose the unearned portion of the rent collected was $40 million at the end of 2013. Taxable income is $200 million. Prepare the appropriate journal entry to record income taxes.

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