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At the end of 2010, Fulhage Company reported taxable income of $9,000 and pretax financial income of $10,600. The difference is due to depreciation for tax purposes in excess of depreciation for financial reporting purposes. The income tax rate for the current year is 40%, but Congress has enacted tax rates of 35% for 2011 and 30% for 2012 and beyond. Fulhage Company has calculated the excess of its financial depreciation over its tax depreciation for future years as follows: 2011, $600; 2012, $700; and 2013, $300. Prior to 2010, the company had no deferred tax liability or asset.Required:Prepare the income tax journal entry of the Fulhage Company at the end of 2010.
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