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Question -
Taxable income and pretax financial income would be identical for Skysong Co. except for its treatments of gross profit on installment sales and estimated costs of warranties. The following income computations have been prepared.
Taxable income
2016
2017
2018
Excess of revenues over expenses (excluding two temporary differences)
$148,000
$227,000
$96,400
Installment gross profit collected
8,400
Expenditures for warranties
(5,500)
$150,900
$229,900
$99,300
Pretax financial income
Installment gross profit recognized
25,200
0
Estimated cost of warranties
(16,500)
Income before taxes
$156,700
The tax rates in effect are 2016, 40%; 2017 and 2018, 45%. All tax rates were enacted into law on January 1, 2016. No deferred income taxes existed at the beginning of 2016. Taxable income is expected in all future years.
Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2016, 2017, and 2018.
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