At the end of the prior year, Doubtful Inc. had a deferred tax asset of $14,500,000 attributable to its only timing difference, a temporary difference of $58,000,000 in a liability for estimated expenses. At that time, a valuation allowance of $4,720,000 was established. At the end of the current year, the temporary difference is $53,000,000, and Doubtful determines that the balance in the valuation account should now be $5,000,000. Taxable income is $15,800,000 and the tax rate is 25% for all years. Required: Prepare journal entries to record Doubtful's income tax expense for the current year.

S/N     Account Titles and Explanation           Debit           Credit

  1        Income tax expense (balance)         $6,780,000

                      Deferred tax asset                                        $1,250,000

                      (53,000,000*25%)  - 14,500,000

                      Income taxes payable                                   $5,530,000

                     (15,800,000 *35%)                  

            (To record tax expenses)  

2          Income tax expense                          $280,000

                      Valuation allowance - deferred tax asset    $280,000

                       (4,720,000 - 5,000,000)

            (To record valuation allowance)

1) the stages a new product goes through from beginning to end, i.e., the stages that a product passes through from introduction through growth, maturity, and decline. 2) the time from initial research and development to the time at which sales and support of the product to customers are withdrawn. 3) the period of time during which a product can be produced and marketed profitably.

                                          hope it

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