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Question - The differences between the book basis and tax basis of the assets and liabilities of Stellar Corporation at the end of 2016 are presented below.
Book Basis Tax Basis
Accounts receivable $49,300 $0
Litigation liability 32,1000
It is estimated that the litigation liability will be settled in 2017. The difference in accounts receivable will result in taxable amounts of $30,100 in 2017 and $19,200 in 2018. The company has taxable income of $317,000 in 2016 and is expected to have taxable income in each of the following 2 years. Its enacted tax rate is 34% for all years. This is the company's first year of operations. The operating cycle of the business is 2 years.
Required - Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2016.
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