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1.For its first year of operations, Tringali Corporation’s reconciliation of pretax accounting income to taxable income is as follows


Tringali’s tax rate is 40%. Note the amount for “Temporary difference-depreciation” is the extra amount of depreciation expense allowed for tax purposes over the depreciation expense allowed under GAAP.
Prepare the journal entry Tringalishould make to record its deferred income tax liability as of the end of its first year of operations.
2.For the current year Centipede Corp. had $80 million in pretax accounting income. This included an estimated warranty expense of $6 million and $20 million in GAAP depreciation expense. Two million of actual warranty costs were incurred, and MACRS depreciation amounted to $35 million. These are the only two temporary differences and there are NO permanent differences. The tax rate is 40%. Prepare the journal entry that should be make to record income taxes this year?
3. In 2013, Isaac Inc. has Pretax accounting income of $900 million of which $600 million is from installment sales. For its installment sales, Isaac recognizes income in the period of sale for financial reporting purposes. However, for income tax purposes, Isaac recognizes income when it collects cash from the buyer’s installment payments.
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Scheduled collections for the $600 of installment sales are as follows


Assume that Isaac has a 30% income tax rate and that there were no other differences in income for financial statement and tax purposes. Current legislation has revised the income tax rates so that Isaac would be taxed in 2015and beyond at 40%, rather than 30%. Prepare the journal entry that should be made to record income taxes for 2013.


PBO at beginning of 2013 1000
Service cost 120
Interest cost (1,000*.05) 50
Gain due to changes in actuarial assumptions in 2013 (60)
Less: retiree benefits paid (100)
PBO at end of 2013 1,010

Plan assets at beginning of 2013 600
Actual return earned on plan assets 50
Cash contribution by employer 120
Less: Retiree benefits paid (100)
Plan assets at end of 2013 670

Prepare the journal entry to record the pension expense for 2013
Prepare the journal entry to record the check written for the cash contribution in 2013:
Prepare the journal entry to record any gains or losses on the PBO due to changes in actuarial assumptions in 2013.
Prepare the journal entry to record any gains or losses based on actual and expected return on plan assets in 2013.
What is the new balance in the Pension Liability account?
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