I need to make adjusting entries for the following- $1,500 in meal and entertainment expenses show as a permanent difference for tax.I need to make adjusting entries for the following-
$1,500 in meal and entertainment expenses show as a permanent difference for tax.
The company uses straight line depreciation for book and MACRS depreciation for the tax return
MACRS depreciation was $209,301 higher than book. adjusting entry is needed here for the deferred tax.