Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020. (Creditaccount titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for theaccount titles and enter O for the amounts.)Account Titles and ExplanationDebitICredit Pina Corporation has one temporary difference at the end of 2020 that will reverse and cause taxable amounts of $52,500 in 2021.$57,500 in 2022, and $62,200 in 2023. Pina's pretax financial income for 2020 is $278,800, and the tax rate is 30% for all years. Thereare no deferred taxes at the beginning of 2020.(a)Your answer is correct.Compute taxable income and income taxes payable for 2020.Taxable incomeIncome taxes payable. $10660031980

JOURNAL ENTRIES Journal Entry is the First stage of Accounting Process. Journal Entry is the Process…

Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020. (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.) Account Titles and Explanation Debit I Credit

Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020. (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.) Account Titles and Explanation Debit I Credit

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter3: Taxes On The Financial Statements

Section: Chapter Questions

Problem 14P

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