In 2024, Ryan Management collected rent revenue for 2025 tenant occupancy. For financial reporting, the rent is recorded as deferred revenue and then recognized as revenue in the period tenants occupy rental property. For tax reporting, the rent is taxed when collected in 2024. The deferred portion of the rent collected in 2024 was $242.0 million. The tax rate is 25%. Suppose the deferred portion of the rent collected was $88 million at the end of 2025. Taxable income is $940 million. Prepare the appropriate journal entry to record income taxes in 2025. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).

In 2024, Ryan Management collected rent revenue for 2025 tenant occupancy. For financial reporting, the rent is recorded as deferred revenue and then recognized as revenue in the period tenants occupy rental property. For tax reporting, the rent is taxed when collected in 2024. The deferred portion of the rent collected in 2024 was $242.0 million. The tax rate is 25%. Suppose the deferred portion of the rent collected was $88 million at the end of 2025. Taxable income is $940 million. Prepare the appropriate journal entry to record income taxes in 2025. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).

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Description: Please do not give solution in image format ? In 2024, Ryan Management collected rent revenue for 2025 tenant occupancy. For financial reporting, the rent is recorded as deferredrevenue and then recognized as revenue in the period tenants occupy rent

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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