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Prepare the journal entry recording income tax expense

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Question - Hilyard Management reported pretax accounting income of $150, $130, and $130 million in 2021, 2022, and 2023, which included $60 million from installment sales of property and $5 million interest from investments in municipal bonds in 2021, 2022, and 2023. The installment sales income is reported for tax purposes in 2022 ($15 million) and 2023 ($45 million). The enacted tax rate is 25% each year.

The $5 million in municipal bond interest represents a $5 million permanent difference.

Required - Prepare the journal entry recording income tax expense, income tax payable, and adjust to your deferred tax asset or liability for 2022.

Reference no: EM132926084

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