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question orth dakota corporation began operations in january 2015 and purchased a ma 4292716

Question

orth Dakota Corporation began operations in January 2015 and purchased a machine for $29,000. North Dakota uses straight-line depreciation over a four-year period for financial reporting purposes. For tax purposes, the deduction is 40% of cost in 2015, 30% in 2016, and 30% in 2017. Pretax accounting income for 2015 was $159,000, which includes interest revenue of $24,500 from municipal bonds. The enacted tax rate is 30% for all years. There are no other differences between accounting and taxable income. Required: Prepare a journal entry to record income taxes for the year 2015. (If no entry is required for a transaction/event, select “No journal entry required” in the first account field.)

 

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