Concord 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. Concords accounting department has developed a schedule of future taxable and deductible amounts related to these temporary differences as follows. 2017 2018 2019 2020 Taxable amounts $39,800 $49,400 $60,400 $74,900 Deductible amounts (14,200 ) (18,600 ) $39,800 $35,200 $41,800 $74,900 As of the beginning of 2016, the enacted tax rate is 34% for 2016 and 2017, and 38% for 20182021. At the beginning of 2016, the company had no deferred income taxes on its balance sheet. Taxable income for 2016 is $504,000. Taxable income is expected in all future years.

Your answer is correct.

Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2016 Indicate how deferred income taxes would be classified on the balance sheet at the end of 2016.

Cannot get the title for part B correct.

Current liabilities, longterm liabilites, non current liabilites, total current liabilites, total liabilites, total liabilites/SE ALL of these DO NOT WORK.

Account Titles and Explanation Debit Credit Income Tax Expense 242614 Deferred Tax Asset 12464 Income Tax Payable 17136 Deferred Tax Liability 83718 Indicate how deferred income taxes would be classified on the balance sheet at the end of 2016. Concord Inc. Balance Sheet December 31, 2016 Total Liabilities and Stockholders Equity Deferred Tax Liability 71254