Rice, Inc. began operations on January 1, 2016. Depreciation temporary differences were the only differences between pretax financial income loss) and taxable income loss) in any year. The income tax rate was 35% in each year and no changes in income tax rates were expected. Pretax financial income loss) and the temporary differences due to depreciation were as follows: Required:
Prepare the income tax journal entry for Rice, Inc. for December 31, 2019? assuming no valuation allowance is required for Rice's deferred tax assets.

Question

Rice, Inc. began operations on January 1, 2016. Depreciation temporary differences were the only differences between pretax financial income loss) and taxable income loss) in any year. The income tax rate was 35% in each year and no changes in income tax rates were expected. Pretax financial income loss) and the temporary differences due to depreciation were as follows:  Required:
Prepare the income tax journal entry for Rice, Inc. for December 31, 2019? assuming no valuation allowance is required for Rice's deferred tax assets.

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The Answer of Rice, Inc. began operations on January 1, 2016. Depreciation temporary differences were the only differences between pretax financial income loss) and taxable income loss) in any year. The income tax rate was 35% in each year and no changes in income tax rates were expected. Pretax financial income loss) and the temporary differences due to depreciation were as follows:  Required:
Prepare the income tax journal entry for Rice, Inc. for December 31, 2019? assuming no valuation allowance is required for Rice's deferred tax assets.

Rice, Inc Began Operations on January 1, 2016