Question: Culver Company has the following two temporary differences between its income tax expense and income taxes payable. 2020 2021 2022 Pretax financial income Excess depreciation


Culver Company has the following two temporary differences between its income tax expense and income taxes payable. 2020 2021 2022 Pretax financial income Excess depreciation expense on tax return Excess warranty expense in financial income Taxable income $842,000 (28,800 ) 20,400 $833,600 $956,000 (39,300 ). 9,500 $926,200 $914,000 (9,900 ) 7,600 $911,700 The income tax rate for all years is 20%. Prepare the income tax expense section of the income statement for 2022, beginning with the line Pretax financial income. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) Culver Company Income Statement (Partial) For the Year Ended December 31, 2022 Pretax Financial Income $ Income Tax Expense Current $ Deferred Net Income /(Loss) $
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