The DeVille Company reported pretax accounting Income on its Income statement as follows: 2024 2025 2026...

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The DeVille Company reported pretax accounting Income on its Income statement as follows: 2024 2025 2026 2027 $ 420,000 340,000 410,000 450,000 Included in the income of 2024 was an installment sale of property in the amount of $58,000. However, for tax purposes, DeVille reported the Income In the year cash was collected. Cash collected on the Installment sale was $23,200 in 2025, $29,000 in 2026, and $5,800 in 2027. Included in the 2026 Income was $24,000 Interest from Investments in municipal governmental bonds. The enacted tax rate for 2024 and 2025 was 40%, but during 2025, new tax legislation was passed reducing the tax rate to 25% for the years 2026 and beyond. Required: Prepare the year-end journal entries to record income taxes for the years 2024-2027. Note: If no entry is required for a transaction/event, select "No journal entry required" In the first account field. View transaction list Journal entry worksheet < 1 2 3 4 Record 2024 income taxes. Note: Enter debits before credits. Date General Journal December 31, 2024 Income tax expense Debit 168,000 Credit Deferred tax liability 23,200 Income tax payable 144,800 Record entry Clear entry View general journal The DeVille Company reported pretax accounting Income on its Income statement as follows: 2024 2025 2026 2027 $ 420,000 340,000 410,000 450,000 Included in the income of 2024 was an installment sale of property in the amount of $58,000. However, for tax purposes, DeVille reported the Income In the year cash was collected. Cash collected on the Installment sale was $23,200 in 2025, $29,000 in 2026, and $5,800 in 2027. Included in the 2026 Income was $24,000 Interest from Investments in municipal governmental bonds. The enacted tax rate for 2024 and 2025 was 40%, but during 2025, new tax legislation was passed reducing the tax rate to 25% for the years 2026 and beyond. Required: Prepare the year-end journal entries to record income taxes for the years 2024-2027. Note: If no entry is required for a transaction/event, select "No journal entry required" In the first account field. View transaction list Journal entry worksheet < 1 2 3 4 Record 2024 income taxes. Note: Enter debits before credits. Date General Journal December 31, 2024 Income tax expense Debit 168,000 Credit Deferred tax liability 23,200 Income tax payable 144,800 Record entry Clear entry View general journal

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Answer Date General Journal Debit Credit December 31 2024 Income tax expense 168000 December 3... View the full answer