Bramble Inc. has two temporary differences at the end of 2016. The first difference stems from installment sales, and the second one results from the accrual of a loss contingency. Brambles accounting department has developed a schedule of future taxable and deductible amounts related to these temporary differences as follows.

PLEASE HELP ME WITH THE RED PARTS

Exercis0 19-19 Bramble Inc, nas two temporary dierences at the end or 2016. The first difference stems from installment sales, and the second one results from the accrual of a loss contirgency, Bramble's acoounting department has developed a schedule of future taxable and deductible amounts related to these temporary dfferences as follows. ed t thes 2017 2018 2019 Taxable amaunts Deductible amounts 42, $45,40 $56,30$75,Eao (14,700) (20,400) $42,500 $30,70D 35,90$75,600 As of vears. the beginning of 2016, the enacted tax rate is 34% ar 2016 and 2017 and 38 ar 2018 2D21 At the he i ning r 2016 th company had no def d inc me taxes ? its balan sheet. Taxable income for 2016 is 542 0 0 Taxable income is expected in all future Your answer is correct. Prepare he journal entry u record ncome tax expense, de erred ncome taxes, and income axes payable or 2016 Credit ?ccount t es are automatica y ?ndented when amount is entered. Do not indent manual y 1 no entry s required select 'No Entry for the account tities and enter O for the amounts.) Account Titles and Explanation Income Tax Expense Debit Credit Deferred Tax Asset Ircome Tax Payable Deferred Tax Liabiity