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Prepare the journal entry to record income tax expense

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Question: Novak Corporation has one temporary difference at the end of 2020 that will reverse and cause taxable amounts of $53,100 in 2021, $57,800 in 2022, and $63,100 in 2023. Novak's pretax financial income for 2020 is $312,000, and the tax rate is 30% for all years. There are no deferred taxes at the beginning of 2020.

Taxable income $138000

Income taxes payable $41400

Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020.

Reference no: EM132743653

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