The information that follows pertains to Richards Refrigeration, Inc.:a. At December 31, 2011, temporary differences existed between the financial statement carrying amounts and the tax bases of the following:b. No temporary differences existed at the beginning of 2011.c. Pretax accounting income was $200 million and taxable income was $145 million for the year ended December 31, 2011. The tax rate is 40%.Required:1. Determine the amounts necessary to record income taxes for 2011 and prepare the appropriate journal entry.2. What is the 2011 net income?View Solution:
The information that follows pertains to Richards Refrigeration



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