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income was $150,000. The difference is due to the following:
Grim's enacted income tax rate is 30%. In its 2004 income
statement, what amount should Grim report as current
provision for income tax expense?
Question 4
On December 31, 20x5, Rapp Co. changed inventory cost
methods to LIFO from FIFO for financial statement and
income tax purposes. Rapp is unable to determine the
beginning 20x5 inventory under LIFO. Therefore,
Question 5
Which of the following should be reported as a prior period
adjustment?
Question 6
At 1/1/x6, there is no net gain or loss for a defined benefit
pension plan, and plan assets at market value are $45,000. At
12/31/x6 before any actuarial gain or loss is computed (but
after pension expense has been recorded and funding has
occurred), the following data apply: PBO, $50,000Assets at
market value, $40,000Expected rate of return on assets, 10%
Actual return, $3,000A $2,000 actuarial gain is determined at
12/31/x6.By what amount is the Pension Gain/Loss-OCI
account changed in 20x6? And what portion of that change is
subject to amortization in 20x7?
Question 7