E19.2 (LO1,2) (Two Differences, No beginning Deferred Taxes, Tracked through 2 years) The following information is available for Wegner Corporation for 2019 (its the year of operations).

1. Excess of the tax depreciation over book depreciation, $40,000. This $40,000 difference will reverse equally over the years 2020 2023
2. Deferral, for book purposes, of $20,000 of rent received in advance. The rent will be recognized in 2020
3. Pretax financial income $300,000
4. Tax rate for all years, 20%

Instructions

1. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2019