Prepare the journal entry to record income tax expense

Reference no: EM133424676

Question: The following facts relate to Ivanhoe Corporation. 1. 2. 13. 14. 5. 6. 7. 8. Deferred tax liability, January 1, 2025, $26,000. Deferred tax asset. January 1, 2025, 50. Taxable income for 2025, 5109,250. Pretax financial income for 2025, 5215,000. Cumulative temporary difference at December 31, 2025. giving rise to future taxable amounts, $276,000. Cumulative temporary difference at December 31, 2025, giving rise to future deductible amounts, $40,250. Tax rate for all years, 20%. The company is expected to operate profitably in the future. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2025.

Reference no: EM133424676

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