Question: Exercise 19-08 Button Company has the following two temporary differences between its income tax expense and income taxes payable. 2020 2021 2022 Pretax finandal Income
Exercise 19-08 Button Company has the following two temporary differences between its income tax expense and income taxes payable. 2020 2021 2022 Pretax finandal Income $840,000 $910,000 $945,000 Excess depredation expense on tax return (30,000) 40,000) (10,000) Excess warranty expense in financial income 20,000 10,000 3,000 Taxable income $830,000 ,000 $90.000 The income tax rate for all years is 20%. Assuming there were no temporary differences prior to 2020, prepare the journal entry to record income tax expense, deferred Income taxes, and income taxes payable for 2020, 2021, and 2022. (Credit account titles are automatically indented when amount is entered. De not indent manually. I ne entry is required, select "No Entry for the account titles and enter for the amounts.) Account Titles and Explanation Credit Debit 2020 Toba Song
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