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(Solved) 86. Rice, Inc. began operations on January 1, 2014. Depreciation temporary differences were the only differences between pretax financial income...


86. Rice, Inc. began operations on January 1, 2014. Depreciation temporary differences were the only differences between pretax financial income (loss) and taxable income (loss) in any year. The income tax rate was 35% in each year and no changes in income tax rates were expected. Pretax financial income (loss) and the temporary differences due to depreciation were as follows: Pretax Financial Excess Tax Ye_ar Income 1 Loss 1 Depreciation 2014 $1,000 35 600 2015 3,000 2,600 2016 3,000 2,600 2017 (5,000) 800 2018 3,000 1,000 2019 6,000 800 Required: Prepare the income tax journal entry for Rice, Inc. for December 31, 2017; assuming no valuation allowance is required for Rice's deferred tax assets.
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