Reference no: EM132514011
Question - Dial Co, at the end of 20x1, its first year of operations, prepared a reconciliation between pretax financial income and taxable income as follows:
Pretax financial income $300,000
Estimated warranty expenses deductible for taxes when paid 600,000
Extra depreciation (tax depreciation minus accounting depreciation) 750,000
Estimated warranty expense of $400,000 will be paid in 20x2 and $200,000 in 20x3. The use of the depreciable assets will result in taxable amounts of $250,000 in each of the next three years.
Prepare the journal entry to record income tax expense, deferred income tax and income tax payable for 20x1, assuming an income tax rate of 40% for all years. You have to compute the taxable income first from the given information.
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