Deferred Tax Calculations (Appendix) Wyhowski Inc. reported income from operations, before taxes, for 2015-2017 as follows:...

Deferred Tax Calculations (Appendix) Wyhowski Inc. reported income from operations, before taxes, for 2015-2017 as follows: 2015 $402,000 2016 460,000 2017 539,000 When calculating income, Wyhowski deducted depreciation on plant equipment. The equipment was purchased January 1, 2015, at a cost of $167,000. The equipment is expected to last three years and have a(n) $14,000 salvage value. Wyhowski uses straight-line depreciation for book purposes. For tax purposes, depreciation on the equipment is $96,000 in 2015, $38,000 in 2016, and $19,000 in 2017. Wyhowski's tax rate is 35%. Required: Enter all amounts as positive numbers. 1. How much did Wyhowski pay in income tax each year? If required, round all calculations to the nearest dollar. Year Taxes Paid 2015 $ 15,750 2016 $ 2017 $ 2. How much income tax expense did Wyhowski record each year? Year Income Tax Expense 2015 $ 2016 $ 2017 $

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Deferred Tax Calculations (Appendix) Wyhowski Inc. reported income from operations, before taxes, for 2015-2017 as follows:...

Deferred Tax Calculations (Appendix) Wyhowski Inc. reported income from operations, before taxes, for 2015-2017 as follows: 2015 $394,000 2016 451,000 2017 528,000 When calculating income, Wyhowski deducted depreciation on plant equipment. The equipment was purchased January 1, 2015, at a cost of $164,000. The equipment is expected to last three years and have a(n) $14,000 salvage value. Wyhowski uses straight-line depreciation for book purposes. For tax purposes, depreciation on the equipment is $94,000 in 2015, $38,000 in 2016, and $18,000...

Deferred Tax Calculations (Appendix) Wyhowski Inc. reported income from operations, before taxes, for 2015-2017 as follows:...

Deferred Tax Calculations (Appendix) Wyhowski Inc. reported income from operations, before taxes, for 2015-2017 as follows: 2015 $473,000 2016 541,000 2017 634,000 When calculating income, Wyhowski deducted depreciation on plant equipment. The equipment was purchased January 1, 2015, at a cost of $196,000. The equipment is expected to last three years and have a(n) $16,000 salvage value. Wyhowski uses straight-line depreciation for book purposes. For tax purposes, depreciation on the equipment is $113,000 in 2015, $45,000 in 2016, and $22,000...

Deferred Tax Calculations (Appendix) Wyhowski Inc. reported income from operations, before taxes, for 2015-2017 as follows:...

Deferred Tax Calculations (Appendix) Wyhowski Inc. reported income from operations, before taxes, for 2015-2017 as follows: 2015 $244,000 2016 279,000 2017 327,000 When calculating income, Wyhowski deducted depreciation on plant equipment. The equipment was purchased January 1, 2015, at a cost of $101,000. The equipment is expected to last three years and have a(n) $8,000 salvage value. Wyhowski uses straight-line depreciation for book purposes. For tax purposes, depreciation on the equipment is $58,000 in 2015, $23,000 in 2016, and $12,000...

Wyhowski Inc. reported income from operations, before taxes, for 2015-2017 as follows: 2015 $276,000 2016 316,000...

Wyhowski Inc. reported income from operations, before taxes, for 2015-2017 as follows: 2015 $276,000 2016 316,000 2017 370,000 When calculating income, Wyhowski deducted depreciation on plant equipment. The equipment was purchased January 1, 2015, at a cost of $114,000. The equipment is expected to last three years and have a(n) $9,000 salvage value. Wyhowski uses straight-line depreciation for book purposes. For tax purposes, depreciation on the equipment is $66,000 in 2015, $26,000 in 2016, and $13,000 in 2017. Wyhowski's tax...

Windsor Inc. reported income from continuing operations before taxes during 2017 of $797,900. Additional transactions occurring...

Windsor Inc. reported income from continuing operations before taxes during 2017 of $797,900. Additional transactions occurring in 2017 but not considered in the $797,900 are as follows. 1. The corporation experienced an uninsured flood loss in the amount of $93,400 during the year. 2. At the beginning of 2015, the corporation purchased a machine for $75,600 (salvage value of $12,600) that had a useful life of 6 years. The bookkeeper used straight-line depreciation for 2015, 2016, and 2017, but failed...

Marin Inc. reported income from continuing operations before taxes during 2017 of $2,175,000. Additional transactions occurring...

Marin Inc. reported income from continuing operations before taxes during 2017 of $2,175,000. Additional transactions occurring in 2017 but not considered in the $2,175,000 are as follows. 1. A gain of $112,000 (pretax) as a result of selling securities from its investment portfolio. 2. A $30,000 loss before taxes as a result of operating the discontinued clothing division during 2017. 3. A loss of $70,000 before taxes as a result of disposing of its clothing division. Assume that this transaction...

Vanpop Inc. reported income from continuing operations before taxes during 2017 of $463,000. Additional transactions occurring...

Vanpop Inc. reported income from continuing operations before taxes during 2017 of $463,000. Additional transactions occurring in 2017 but not considered in the $463,000 are as follows: 1. The corporation experienced an uninsured hurricane loss in the amount of $130,000 during the year. 2. At the beginning of 2015, the corporation purchased equipment for $62,000 (salvage value of $6,000) that had a useful life of 10 years. The bookkeeper used straight-line depreciation for 2015, 2016 and 2017 but incorrectly used...

Whispering Inc. reported income from continuing operations before taxes during 2017 of $807,900. Additional transactions occurring...

Whispering Inc. reported income from continuing operations before taxes during 2017 of $807,900. Additional transactions occurring in 2017 but not considered in the $807,900 are as follows. 1. The corporation experienced an uninsured flood loss in the amount of $92,700 during the year. 2. At the beginning of 2015, the corporation purchased a machine for $57,600 (salvage value of $9,600) that had a useful life of 6 years. The bookkeeper used straight-line depreciation for 2015, 2016, and 2017, but failed...

Carla Inc. reported income from continuing operations before taxes during 2017 of $796,100. Additional transactions occurring...

Carla Inc. reported income from continuing operations before taxes during 2017 of $796,100. Additional transactions occurring in 2017 but not considered in the $796,100 are as follows. 1. The corporation experienced an uninsured flood loss in the amount of $94,500 during the year. 2. At the beginning of 2015, the corporation purchased a machine for $70,200 (salvage value of $11,700) that had a useful life of 6 years. The bookkeeper used straight-line depreciation for 2015, 2016, and 2017, but failed...

Brock Inc. reported income from continuing operations before taxes during 2017 of $2,225,000. Additional transactions occurring...

Brock Inc. reported income from continuing operations before taxes during 2017 of $2,225,000. Additional transactions occurring in 2017 but not considered in the $2,225,000 are as follows. 1. A gain of $111,000 (pretax) as a result of selling securities from its investment portfolio. 2. A $27,000 loss before taxes as a result of operating the discontinued clothing division during 2017. 3. A loss of $80,000 before taxes as a result of disposing of its clothing division. Assume that this transaction...

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