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Tamarisk Corporation began operations in 2020 and reported pretax financial income of $234,000 for the year. Tamarisk's tax depreciation exceeded its book depreciation by $36,000. Tamarisk's tax rate for 2020 and years thereafter is 30%. Assume this is the only difference between Tamarisk's pretax financial income and taxable income.
(a) What are the journal entries to record the income tax expense, deferred income taxes, and income taxes payable? (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 0 for the amounts.)
(b) How should the deferred tax liability will be classified on the December 31, 2020, balance sheet?
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