Question: Culver Company has the following two temporary differences between its income tax expense and income taxes payable. The income tax rate for all years is


Culver Company has the following two temporary differences between its income tax expense and income taxes payable. The income tax rate for all years is 20%. Assuming there were no temporary differences prior to 2020 , prepare the journal entry to recard income tax expense, deferred incorne 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 O for the amounts.) Account Tities and Explanation Debit Credit 2020 2021 2022
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