18.19 (LO 1, 2, 4) (Two Temporary Differences, Multiple Rates, Future Taxable Income) adal Inc. has two temporary differences at the end of 2024. The first difference stems from installment ales, and the second one results from the accrual of a loss contingency. Nadal's accounting department as developed a schedule of future taxable and deductible amounts related to these temporary differences s follows. 2025 $40,000 CLSOS 10 Taxable amounts Jasmiss Deductible amounts -oued b 2026 $50,000 (15,000) $35,000 2017 gna 2027 $60,000 (19,000) $41,000 2028 $80,000 (an- $40,000 of the beginning of 2024, the enacted tax rate is 34% for 2024 and 2025, and 20% for 2026-2029. At the ginning of 2024, the company had no deferred income taxes on its balance sheet. Taxable income for 24 is $500,000. Taxable income is expected in all future years. Sisoggs 2005 tot inomaisie broni $80,000

18.19 (LO 1, 2, 4) (Two Temporary Differences, Multiple Rates, Future Taxable Income) adal Inc. has two temporary differences at the end of 2024 . The first difference stems from installment les, and the second one results from the accrual of a loss contingency. Nadal's accounting department is developed a schedule of future taxable and deductible amounts related to these temporary differences follows. of the beginning of 2024 , the enacted tax rate is 34% for 2024 and 2025 , and 20% for 20262029. At the inning of 2024 , the company had no deferred income taxes on its balance sheet. Taxable income for 4 is $500,000. Taxable income is expected in all future years. Instructions a. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2024. b. Indicate how deferred income taxes would be classified on the balance sheet at the end of 2024