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Prepare the journal entry to record income tax expense

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Reference no: EM131592579

Question - Culver Company has the following two temporary differences between its income tax expense and income taxes payable.

2017

2018

2019

Pretax financial income

$849,000

$883,000

$961,000

Excess depreciation expense on tax return

(30,800)

(38,900)

(10,300)

Excess warranty expense in financial income

21,000

9,600

8,000

Taxable income

$839,200

$853,700

$958,700

The income tax rate for all years is 40%.

Required - Assuming there were no temporary differences prior to 2017, prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2017, 2018, and 2019.

Reference no: EM131592579

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