Solution-Make the journal entry to record income tax expense

Make the journal entry to record income tax expense

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Reference no: EM132448566

Problem - Skysong Company has the following two temporary differences between its income tax expense and income taxes payable.

	2017	2018	2019
Pretax financial income	$842,000	$956,000	$914,000
Excess depreciation expense on tax return	(28,000)	(39,300)	(9,900)
Excess warranty expense in financial income	20,400	9,500	7,600
Taxable income	$833,600	$926,200	$911,700

The income tax rate for all years is 40%.

Required - Assuming there were no temporary differences prior to 2017, Make the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2017, 2018, and 2019.

Reference no: EM132448566

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Make the journal entry to record income tax expense

Reference no: EM132448566

Reference no: EM132448566

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