Question: Sara Lee Corporation owns the following brands: Ball Park franks, Sara Lee bakery goods, Kiwi shoe care products, Hanes and Hanes Her Way, Leggs, and

Sara Lee Corporation owns the following brands: Ball Park franks, Sara Lee bakery goods, Kiwi shoe care products, Hanes and Hanes Her Way, L€™eggs, and about a hundred other products. Information relating to the company€™s deferred taxes is shown below.

Based on this information, answer the following questions:
1. Provide the journal entry (ies) made by Sara Lee to record the 2004 income tax expense of $270 million. Remember to allocate the expense between current and deferred.
2. Provide the journal entry made by Sara Lee to record the payment of income taxes during theyear.

Sara Lee Corporation and Subsidiaries Income Taxes Current and deferred tax provisions (benefits) were: 2004 2003 2002 CurrentDeferred Current Deferred Current Deferred $(164) 296 $ 33 97 $(149) 133 26 $ 10 United States Foreign State $ 82 150 $154 $(150) (12) $253 85 (14) $ (79) 143 $127 $254

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