This is the feedback and I'm unsure what entry I'm supposed to correct.

Marketable securities adjusting entry is correct. The deferred tax due to difference in depreciation methods for book and tax is the correct amount. Depreciation for income taxes was $209,301 higher than book value. This causes a deferred tax liability and income tax that will be paid at a future date(income taxes currently payable). It does not have a deferred tax expense. Your adjusting entry for permanent difference in income taxes for meals and entertainment is correct.

Dr

Cr

Dr

Cr

Dr

Cr Cash

1,488,999.34

1,488,999.34

Marketable Securities

5,500,000.00

265,000.00

5,235,000.00

Accounts Receivable

7,092,495.88

7,092,495.88

Baking Supplies 1,605,098.52

1,605,098.52

Merchandise Inventory

128,152.63

128,152.63

Prepaid Rent

71,877.07

71,877.07

Prepaid Insurance

207,834.14

207,834.14

Misc. Supplies

17,647.42

17,647.42

Land

250,000.00

250,000.00

Building

1,250,000.00

1,250,000.00

Baking Equipment

2,254,140.00

2,254,140.00

Accumulated Depreciation

328,282.00

328,282.00 Patent

-

Accounts Payable

1,555,212.85

1,555,212.85 Wages Payable

250,203.31

250,203.31 Interest Payable

21,888.22

21,888.22 Current Portion of Bonds Payable

1,000,000.00

1,000,000.00 Income Taxes Currently Payable

1,042,118.16

375.00

1,042,493.16 Accrued Pension Liability

- Accrued Employees Health Insurance

- Lease Liability

-

- Deferred Tax Liability

52,325.25

52,325.25 Bonds Payable

4,000,000.00

4,000,000.00 Preferred Stock

500,000.00

500,000.00 Common Stock

1,750,000.00

1,750,000.00 Beginning Retained earnings

2,213,122.59

2,213,122.59 Dividends - Preferred

50,000.00

50,000.00

Dividends - Common

5,250,000.00

5,250,000.00

Bakery Sales

33,881,157.15

33,881,157.15 Merchandise Sales

124,795.80

124,795.80 Cost of Goods Sold - Baked 10,954,907.36

10,954,907.36

Cost of Goods Sold - Merchandise 88,994.79

88,994.79

Rent Expense

1,576,731.95

1,576,731.95

Wages Expense

2,604,526.23

2,604,526.23

Misc. Supplies Expense 263,224.56

263,224.56

Repairs and Maintenance 47,353.05

47,353.05

Business License Expense 211,757.65

211,757.65

Misc. Expense

141,171.08

141,171.08

Depreciation Expense 634,520.00

634,520.00

Insurance Expense

112,937.69

112,937.69

Advertising Expense

160,413.49

160,413.49

Interest Expense

484,703.27

484,703.27

Telephone Expense

50,821.34

50,821.34

Pension Expense

-

Retired Employees Health Ins.

-

Patent Amortization

-

-

Unrealized Gain/(Loss) on Marketable Securities Held for Sale

265,000.00

265,000.00

-

Income Taxes

4,168,472.62

375.00

4,168,847.62

Deferred Tax Expense

52,325.25

52,325.25

46,666,780.08

46,666,780.08

317,700.25

317,700.25

46,719,480.33

46,719,480.33