Question: answer all incorrect boxes Pharoah Company has the following two temporary differences between its income tax expense and income taxes payable. 2022 Pretax financial income

Pharoah Company has the following two temporary differences between its income tax expense and income taxes payable. 2022 Pretax financial income Excess depreciation expense on tax return Excess warranty expense in financial income Taxable income 2020 $811,000 (31,500) 19,900 $799,400 2021 $932,000 (39.100) 9,800 $902,700 $992,000 (9.900) 8,300 $990,400 The income tax rate for all years is 20%. (a) Your answer is partially correct. Assuming there were no temporary differences prior to 2020. prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020 2021. and 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter Ofor the amounts.) Account Titles and Explanation Debit Credit 2020 Income Tax Expense 159880 Deferred Tax Asset 3980 Income Tax Payable 159880 6300 Deferred Tax Liability 2021 Income Tax Expense 180540 Deferred Tax Asset 1960 Income Tax Payable 180540 Deferred Tax Liability 7820 2022 Income Tax Expense 198080 Deferred Tax Asset 1660 Income Tax Payable 198080 Deferred Tax Liability 1980
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