Slide #1.

On the next slide, Revenue of $100,000 consists of municipal bond interest of $10,000 and service revenue of $90,000. 1. What is taxable income? 2. What is the amount of income tax payable currently? 3. What is GAAP net income before taxes? 4. What is current income tax expense? 5. What is the amount of the deferred income tax asset or liability? 6. What is your journal entry to record income tax?
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Slide #4.

See complete file on webpage for a list of 24 common items resulting in book-tax differences. T0-Chp-14-5-Schedule-MItems
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