The Dukes leased land from Lillian Whatley. Toward the end of their lease, they sent Ms. Whatley a new contract, renewing the lease for three years and giving themselves the option to buy the land at any time during the lease for $50,000. Ms. Whatley crossed out the clause giving them an option to buy. She added a sentence at the bottom, saying,"Should I, Lillian Whatley, decide to sell at end [sic] of three years, I will give the Dukes the first chance to buy." Then she signed the lease, which the Dukes accepted in the changed form. They continued to pay the rent until Ms. Whatley sold the land to another couple for $35,000. The Dukes sued. Are the Dukes entitled to the land at $50,000? At $35,000?

Andrew cooper decides to become a part owner of a corporation. as a part owner, he expects to receive a profit as payment because he has assumed the risk of - serious inflation eroding the purchasing power of his investment.- being paid before the suppliers and employees are paid.- losing his home, car, and life savings.- losing the money he has invested in the corporation and not receiving profits.- the company giving all of the profits to local communities

Chuck, a single taxpayer, earns $80,750 in taxable income and $30,750 in interest from an investment in city of heflin bonds. (use the u.s. tax rate schedule.) (do not round intermediate calculations. round your answers to 2 decimal places.)

Martinez company has the following two temporary differences between its income tax expense and income taxes payable. 2017 2018 2019 pretax financial income $873,000 $866,000 $947,000 (2017' 2018, 2019) excess depreciation expense on tax return (29,400 ) (39,000 ) (9,600 ) (2017' 2018, 2019) excess warranty expense in financial income 20,000 9,900 8,300 (2017' 2018, 2019) taxable income $863,600 $836,900 $945,700(2017' 2018, 2019) the income tax rate for all years is 40%. instructions: a. prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2017, 2018, and 2019. b. assuming there were no temporary differences prior to 2016, indicate how deferred taxes will be reported on the 2016 balance sheet. button's warranty is for 12 months. c. prepare the income tax expense section of the income statement for 2017, beginning with the line, "pretax financial income."