The records for Crane Co. show this data for 2021: Gross profit on installment sales recorded...

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The records for Crane Co. show this data for 2021: Gross profit on installment sales recorded on the books was $550,000. Gross profit from collections of installment receivables was $410,000. Life insurance on officers was $5,100. Machinery was acquired in January for $430,000. Straight-line depreciation over a ten-year life (no salvage value) is used. For tax purposes, MACRS depreciation is used and Crane may deduct 14% for 2021. Interest received on tax exempt lowa State bonds was $10,300. The estimated warranty liability related to 2021 sales was $22,900. Repair costs under warranties during 2021 were $14,900. The remainder will be incurred in 2022. Pretax financial income is $730,00O. The tax rate is 20%. Your answer is partially correct. Prepare the journal entry to record income taxes for 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) count Titles and Explanation Debit Credit ncome Tax Expense 43000 Deferred Tax Asset 2400 Deferred Tax Liability 47160 Income Tax Payable 172680 List of Accounts The records for Crane Co. show this data for 2021: Gross profit on installment sales recorded on the books was $550,000. Gross profit from collections of installment receivables was $410,000. Life insurance on officers was $5,100. Machinery was acquired in January for $430,000. Straight-line depreciation over a ten-year life (no salvage value) is used. For tax purposes, MACRS depreciation is used and Crane may deduct 14% for 2021. Interest received on tax exempt lowa State bonds was $10,300. The estimated warranty liability related to 2021 sales was $22,900. Repair costs under warranties during 2021 were $14,900. The remainder will be incurred in 2022. Pretax financial income is $730,00O. The tax rate is 20%. Your answer is partially correct. Prepare the journal entry to record income taxes for 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) count Titles and Explanation Debit Credit ncome Tax Expense 43000 Deferred Tax Asset 2400 Deferred Tax Liability 47160 Income Tax Payable 172680 List of Accounts

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a Preparation of schedule Schedule of Pretax Financial Income and taxable Income for 2... View the full answer