E19-3 (L01,2) EXCEL (One Temporary Difference, Future Taxable Amounts, One Rate, Beginning Deferred Taxes) Band- ung Corporation began 2017 with a $92,000 balance in the Deferred Tax Liability account. At the end of 2017, the related cumula- tive temporary difference amounts to $350,000, and it will reverse evenly over the next 2 years. Pretax accounting income for 2017 is $525,000, the tax rate for all years is 40%, and taxable income for 2017 is $405,000. Instructions (a) (b) (c) Compute income taxes payable for 2017. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2017. Prepare the income tax expense section of the income statement for 2017 beginning with the line Income before income taxes.

I have a problem. I hve it all filled in except one area. Could you tell me what they want and see if I have this correct? Thanks for your help.

E19-3 (L01,2) EXCEL (One Temporary Difference, Future Taxable Amounts, One Rate, Beginning Deferred Taxes) Band- ung Corporation began 2017 with a $92,000 balance in the Deferred Tax Liability account. At the end of 2017, the related cumula- tive temporary difference amounts to $350,000, and it will reverse evenly over the next 2 years. Pretax accounting income for 2017 is $525,000, the tax rate for all years is 40%, and taxable income for 2017 is $405,000. Instructions (a) (b) (c) Compute income taxes payable for 2017. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2017. Prepare the income tax expense section of the income statement for 2017 beginning with the line Income before income taxes.

E19-3
F should be replaced with formulas, T with text, A with account type, $ dollar signs for actual amounts, and N with number.
Bandung Corporation provided the following concerning its income taxes for 2017.
	Balance in Deferred Tax Liability account, January 1, 2017					$92,000
	Cumulative temporary difference, December 31, 2017					350,000
		To reverse evenly over the next 2 years
	Pretax accounting income for 2017					525,000
	Taxable income for 2017					405,000
	Income tax rate for all years					40%
(a) Compute income taxes payable for 2017.
	Taxable Income			405,000
	Income tax rate			40%
	Income tax payable			162,000
(b) Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2017.
					2018	2019	Total
	Future taxable (deductible) amounts				$175,000	$175,000	$350,000
	Tax rate				40%	40%
	Deferred tax liability (asset)				$70,000.00	$70,000.00	$140,000
	T						$
	T						$
	T						$
	T						$
	T						F
						Debit	Credit
	12/31/17	Income tax expenses (162,000+48,000)				210,000	$
		Income tax payable (405,000*40%)				$	162,000
		Deferred Tax liability (140,000-92,000)				$	48,000
(c) Prepare the income tax expense section of the income statement for 2017, beginning with the line "Income before income taxes."
	Income before income taxes						525,000
	Less: Income Tax Liability					$(162,000)
	Deferred Tax Expense					$(48,000)	$(210,000)
	Net Income for the year 2017						315,000