Current Attempt in Progress

Concord SA began operations in $2022$ and reported pretax financial income of $218,000$ for the year. Concord's tax depreciation exceeded its book depreciation by $40,000.$ Concord's tax rate for $2022$ and years thereafter is $30\%.$ Assum this is the only difference between Concord's pretax financial income and taxable income.

Prepare the journal entry to record the income tax expense, deferred income taxes, and income taxes payable. $($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 $0$ for the amounts.$)$

Account Titles and Explanation

$$

$$

$$

$$

$$

Debit

$$

$$

$$

$$

Show how the deferred tax liability will be classified on the December $31,2022,$ statement of financial position.

Deferred tax liability should be classified as a $$ on the December $31,2022,$ statement of financial

eTextbook and Media