Requirement a. Complete the worksheet to reconcile Rodiand's book income with its taxable income (before special deducti

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Requirement a. Complete the worksheet to reconcile Rodiand's book income with its taxable income (before special deductions) Begin by entering the adjustments needed to reconcile Rodland's book income with its taxable income before special deductions, then, complete the worksheet by computing the taxable amount. (If an input field is not used in the table, leave the input field empty, do not enter a zero.) Rodland Corporation Reconciliation of Book Income to Tuxable income before Special Deductions Book income Adjustments Account Title Debit Credit Debit Credit Net sales $ 3.300.000 Dividends 12,000 Interest 24,000 Gain on sale of stock 20,000 Key person life insurance proceeds 160,000 Cost of goods sold $ 2.135,000 Salaries and wages 550.000 Bad debts 5 000 Payroll taxes 90.000 Interest expense 22.000 Charitable contributions 40,000 Depreciation 70,000 Other expenses 80.000 Federal income taxes 77,679 Net Income Taxable income во РМ 446,321 before special deductions M 3.515.000 5 3,516.000 Total
Book Income Debit Credit Account Title $ Net sales Dividends received 3,300,000 12,000 (1) 24,000 (2) 20,000 (3) 160,000 Interest income $ Gain on sale of stock Key-person life insurance proceeds Cost of goods sold Salaries and wages Bad debts Payroll taxes Interest expense Charitable contributions Depreciation Other expenses Federal income taxes 2,135,000 550,000 5,000 (4) 90,000 22,000 (5) 40,000 (6) 70,000 (7) 80,000 (8) 77,679 446,321 3,516,000 Net income $ $ 3,516,000 Total
The following additional information applies. 1. Dividends were from Venus Corporation, a 30%-owned domestic corporation 2. Interest revenue consists of interest on corporate bonds, $23,000, and municipal bonds, $1,000 3. The stock is a capital asset held for three years prior to sale 4. Rodland uses the specific writeoff method of accounting for bad debts. 5. Interest expense consists of $21,300 interest incurred on funds borrowed for working capital and $700 interest on funds borrowed to purchase municipal bonds. 6. Rodland paid all contributions in cash during the current year to State University but did not elect to use the 25% limit on charitable contributions. 7. Rodland calculated depreciation per books using the straight-line method. For income tax purposes, depreciation amounted to $80,000 8. Other expenses include premiums of $14,000 on the key-person life insurance policy covering Rodland's president, who died in December 9. Rocket has a $12,000 NOL carryover from prior years.
ded to reconcile Rodland's book income with its taxable income before special deductions, then In input field is not used in the table, leave the input field empty: do not enter a zero.) - X Requirements a. Complete the worksheet to reconcile Rodland's book income with its taxable income (before special deductions). b. Prepare a tax provision reconciliation. Assume a 21% corporate tax rate. a G Print Done 22,000 40,000