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In Completing the Adjusting Entries for 2017 in Early 2018,the

Question 104

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In completing the adjusting entries for 2017 in early 2018,the internal auditor discovered that a patent,with an estimated eight year life that was registered in January,2017 had not been amortized.The patent cost $360,000.The income tax rate is 40%.What is the journal entry to correct the error?


A) In completing the adjusting entries for 2017 in early 2018,the internal auditor discovered that a patent,with an estimated eight year life that was registered in January,2017 had not been amortized.The patent cost $360,000.The income tax rate is 40%.What is the journal entry to correct the error? A) Retained Earnings 45,000 B) Income Taxes Receivable 18,000 Retained Earnings 63,000 C) Income Taxes Payable 18,000 Retained Earnings 27,000 D) Patent 45,000 Retained Earnings 45,000
B) In completing the adjusting entries for 2017 in early 2018,the internal auditor discovered that a patent,with an estimated eight year life that was registered in January,2017 had not been amortized.The patent cost $360,000.The income tax rate is 40%.What is the journal entry to correct the error? A) Retained Earnings 45,000 B) Income Taxes Receivable 18,000 Retained Earnings 63,000 C) Income Taxes Payable 18,000 Retained Earnings 27,000 D) Patent 45,000 Income Taxes Receivable 18,000
Retained Earnings 63,000
C) In completing the adjusting entries for 2017 in early 2018,the internal auditor discovered that a patent,with an estimated eight year life that was registered in January,2017 had not been amortized.The patent cost $360,000.The income tax rate is 40%.What is the journal entry to correct the error? A) Retained Earnings 45,000 B) Income Taxes Receivable 18,000 Retained Earnings 63,000 C) Income Taxes Payable 18,000 Retained Earnings 27,000 D) Patent 45,000 Income Taxes Payable 18,000
Retained Earnings 27,000
D) In completing the adjusting entries for 2017 in early 2018,the internal auditor discovered that a patent,with an estimated eight year life that was registered in January,2017 had not been amortized.The patent cost $360,000.The income tax rate is 40%.What is the journal entry to correct the error? A) Retained Earnings 45,000 B) Income Taxes Receivable 18,000 Retained Earnings 63,000 C) Income Taxes Payable 18,000 Retained Earnings 27,000 D) Patent 45,000 Patent 45,000

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