The deville company reported pretax accounting income on its income statement as follows:

2018 $350,000
2019 $270,000
2020 $340,000
2021 $380,000

included in the income of 2018 was an installment sale of property in the amount of $50,000. however, for tax purposes, deville reported the income in the year cash was collected. cash collected on the installment sale was $20,000 in 2019, $25,000 in 2020, and 5,000 in 2021. included in the 2020 income was $15,000 interest from investments in municipal bonds. the enacted tax rate for 2018 and 2019 was 30%, but during 2019, new tax legislation was passed reducing the tax rate to 2596 for the years 2020 and beyond.

required:
prepare the year-end journal entries to record income taxes for the years 2018—2021.

Suppose that hubert, an economist from an am talk radio program, and kate, an economist from a nonprofit organization on the west coast, are arguing over government bailouts. the following dialogue shows an excerpt from their debate: kate: to recent financial crises, the concept of bailouts is a hot topic for debate among everyone these days. hubert: indeed, it’s gotten crazy! a government bailout of severely distressed financial firms is unnecessary because free markets will properly price assets. kate: i don’t know about that. without a bailout of severely distressed financial firms, the economy will experience a deep recession. the disagreement between these economists is most likely due todifferences in scientific judgments . despite their differences, with which proposition are two economists chosen at random most likely to agree? business managers can raise profit more easily by reducing costs than by raising revenue. central banks should focus more on maintaining low unemployment than on maintaining low inflation. employers should not be restricted from outsourcing work to foreign nations

United continental holdings, inc., (ual), operates passenger service throughout the world. the following data (in millions) were adapted from a recent financial statement of united. sales (revenue) $38,901 average property, plant, and equipment 17,219 average intangible assets 8,883 1. compute the asset turnover. round your answer to two decimal places.

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