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Create the journal entry to record income taxes

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Reference no: EM132485016

Question 1: Johnny WholeSale Foods had temporary differences related to the following future (deductible) or taxable amounts on December 31, 2018: a) Prepaid Expenses $15,000 b) Depreciation Expense $80,000 and c) Warranty Expense ($22,000). There were no temporary differences on January 1, 2018. Taxable income was $20,000; Johnny had $93,000 of pretax accounting income. The tax rate is 35%. Prepare the journal entry to record income taxes for 2018.

Reference no: EM132485016

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