Using the information from BE18-5, and assuming that the $40,000 difference is the only difference between Anugraham's accounting income and taxable income, prepare the journal entry(ies) to record the current income tax expense, future income tax expense, income taxes payable, and the future income tax liability.
In BE
Anugraham Corp. began operations in 2011 and reported accounting income of $275,000 for the year. Anugraham's CCA exceeded its book depreciation by $40,000. Anugraham's tax rate for 2011 and years thereafter is 35%.