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Question - The differences between the book basis and tax basis of the assets and liabilities of Windsor Corporation at the end of 2022 are presented below.
Book Basis Tax Basis
Accounts receivable $52,700 $-0-
Litigation liability 30,300- 0-
It is estimated that the litigation liability will be settled in 2023. The difference in accounts receivable will result in taxable amounts of $30,000 in 2023 and $22,700 in 2024. The company has taxable income of $361,000 in 2022 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.
Required - Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2022.
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