What is the amount of the deferred income tax expense

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Question - G corp. began operations in January x1. At the end of the first year G reported $340,000 income before taxes as financial income. However, they reported $320,000 as taxable income. The $20,000 difference is due to their use of the accrual method for certain sales for financial reporting purposes and the use of the installment sale method for those sales for tax purposes. The marginal tax rate is 34%.

A. Record the journal entry to record income tax expense.

B. What is the amount of the income tax payable?

C. What is the amount of the deferred tax liability?

D. What is the amount of the deferred tax asset?

E. What is the amount of the deferred income tax expense?

F. What is the amount of the current portion of the income tax expense?

G. What is the amount of the income tax expense?

Reference no: EM132503761

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