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Determine the increase in income tax payable on december

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Reference no: EM133173756

Question - BB Inc. recognized taxable income of $160,000 for the year ended December 31, 2020. BB calculated a deferred tax asset and a deferred tax liability of $19,200 and $12,800, respectively, on December 31, 2020. The tax rate is 25%. Assume zero beginning balances in deferred tax accounts.

Required -

a. Determine the increase in income tax payable on December 31, 2020.

b. Prepare the income tax expense journal entry on December 31, 2020.

Reference no: EM133173756

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