Reference no: EM1357282
The accounting records of Longacre Nursery, Inc., for Year 2 and Year 3 reveal the following:
Year 2 Year 3
Income before income taxes per books $250,000 $400,000
Timing differences (30,000) 20,000
Permanent differences 5,000 (6,000)
Taxable income $225,000 $414,000
The income tax rate is 40 percent in each year.
Required:
a. Prepare the journal entry to record income taxes for Year 2.
b. Prepare the journal entry to record income taxes for Year 3.
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