]Exercise 16-18 Multiple temporary differences; record income taxes [LO16-6]

The information that follows pertains to Esther Food Products:

At December 31, 2018, temporary differences were associated with the following future taxable (deductible) amounts:

Depreciation	$	44,000
Prepaid expenses		18,000
Warranty expenses		(15,000	)

No temporary differences existed at the beginning of 2018.

Pretax accounting income was $62,000 and taxable income was $15,000 for the year ended December 31, 2018.

The tax rate is 40%.

Required: Complete the following table given below and prepare the appropriate journal entry to record income taxes for 2018.