E19.13. (one Difference, Multiple Rates, Effect of Beginning Balance Versus No Beginning Deferred Taxes) 27 At the end of 2012, Wasicsko Company has $180,000 of cumulative temporary differences that will result in reporting future taxable amounts as follows. 2013 $ 70,000 2014 50,000 2015 40,000 2016 20,000 $180,000 Tax rates enacted as of the beginning of 2011 are: 2011 and 2012 40% 2013 and 2014 30% 2015 and later 25% wasicsko's taxable income for 2012 is $340,000. Taxable income is expected in all future years. Instructions (a) Prepare the journal entry for Wasicsko to record income taxes payable, deferred income taxes, and income tax expense for 2012, assuming that there were no deferred taxes at the end of 2011. (b) Prepare the journal entry for Wasicsko to record income taxes payable, deferred income taxes, and income tax expense for 2012, assuming that there was a balance of $22,000 in a Deferred Tax Liability account at the end of 2011