Apex Marine, Inc., had income before income tax of $117,000 and taxable income of $91,000 for 2012,

Question:

Apex Marine, Inc., had income before income tax of $117,000 and taxable income of $91,000 for 2012, the company’s first year of operations. The income tax rate is 30%.
1. Make the entry to record Apex Marine’s income taxes for 2012.
2. Show what Apex Marine will report on its 2012 income statement starting with income before income tax. Also show what Apex Marine will report for current and long-term liabilities on its December 31, 2012, balance sheet.