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FU C ILO CI 1. Homework Ch 19: Homework The accounting records of Ivanhoe Inc. show the following data for 2017 (its first year of operations). 1 Life Insurance expense on officers was $8,100. 2 Equipment was acquired in early January for $329,000. Straight-line depreciation over a 5-year life is used, with no salvage value. For tax purposes, Ivanhoe used a 30% rate to calculate depreciation 3. Interest revenue on State of New York bonds totaled $3,800. 4. Product warranties were estimated to be $48,400 in 2017. Actual repair and labor costs related to the warranties in 2017 were $9.700. The remainder is estimated to be paid evenly in 2018 and 2019. 5. Gross profit on an accrual basis was $92,000. For tax purposes. $77,500 was recorded on the installment sales method. 6. Fines incurred for pollution violations were $4,400. 7. Pretax financial income was $750,500. The tax rate is 30%. Prepare a schedule starting with pretax financial income in 2017 and ending with taxable income in 2017. (Enter nestative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) Schedule of Pretax Financial Income and Taxable income for 2017 Pretax financial income Permanent differences Prepare a schedule starting with pretax financial income in 2017 and ending with taxable income in 2017. (Enter negative amounts using either negative sign preceding the number eg.-45 or parentheses e.s. (45).) Schedule of Pretax Financial Income and Taxable income for 2017 Pretax financial Income Permanent differences Temporary differences Taxable income e Textbook and Media List of Accounts Prepare the journal entry for 2017 to record income taxes payable, income tax expense, and deferred income taxes. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select “No Entry” for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit eTextbook and Media List of Accounts

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