Problem: Skysong Company has the following two temporary differences between its income tax expense and income taxes payable.
|
|
2017
|
2018
|
2019
|
|
Pretax financial income
|
$842,000
|
$956,000
|
$914,000
|
|
Excess depreciation expense on tax return
|
-28,000
|
-39,300
|
-9,900
|
|
Excess warranty expense in financial income
|
20,400
|
9,500
|
7,600
|
|
Taxable income
|
$833,600
|
$926,200
|
$911,700
|
The income tax rate for all years is 40%.
Required: Assuming there were no temporary differences prior to 2017, Make the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2017, 2018, and 2019.
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