BBY is a calendar year accrual method corporation with a marginal

BBY is a calendar year accrual method corporation with a marginal and effective tax rate of 34%. It had $5,000,000 of financial income before making the following cash payments on December 31,2011: $4,000 paid to a consultant for work to be performed in January 2012. $600,000 for equipment delivered on December 1, 2011. The equipment has a useful life of 10 years for financial accounting and 7 years for tax accounting. this was the only asset purchased in 2011. (MACRS mid-quarter percentage is 3.57. the Sec.179 deduction was not taken) $17,000 for property tax for the first six months of 2012. $84,000 for a two-year office lease beginning December 1,20111. $230,000 for inventory purchases. $100,000 was on-hand at 12/31/11 for each of these expenditures: how are these expenditures reported for financial and taxable income? what is the financial tax expense? what is tax liability? what is the journal entry to record the tax accrual?

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