Prepare the journal entry to record income taxes

Reference no: EM132119597

Question - Golden Heart Corporation`s 2018 pretax financial income was 1,400,000

Municipal Bond Interest of 60,000 was once again earned in 2018.

Golden Heart Corp Recognized in 2018 the other half of the 190,000 of revenue collected in 2017.

Golden Heart Corp depreciated the equipment as anticipated -In 2018 the company once again had excess warranty expense over warranty claims by 24,000 accrued

In 2018 the company accrued 100,000 for probable litigation that will be paid in 2019 or later.

Congress passed the new tax rate of 30% for 2018 beyond.

A) Prepare the 2018 tax reconciliation schedule (Pretax Financial Income to taxable income and deferred tax.

B) Prepare the journal entry to record income taxes for 2018. (Label your parts).

Reference no: EM132119597

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