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Prepare the journal entries necessary at end of each year

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Question - A. J. Johnson & Co Record certain revenues on its books in 2015 and 2016 of $15,400 and $16,600, respectively. However, such revenues were not subject to income taxation until 2017. The company records reveal pretax financial income and taxable income for the three-year period as follows:

 

Financial Income

Taxable Income

2015

$44,200

28,800

2016

38,200

21,600

2017

21,100

53,100

Assume that Johnson's tax rate is 40% for all periods.

Prepare the journal entries necessary at the end of each year to record income taxes.

Reference no: EM132035170

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