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Question - The Summerlin Company reported pretax accounting income on its income statement as follows:
2021- 390,000
2022-$310,000
2023-$380,000
2024-$420,000
Included in the income of 2021 was an installment sale of property in the amount of $44,000. However, for tax purposes, Summerlin reported the income in the year cash was collected. Cash collected on the installment sale was $17,600 in 2022, $22,000 in 2023, and $4,400 in 2024.
Included in the 2023 income was $18,000 interest from investments in municipal governmental bonds. The enacted tax rate for 2021 and 2022 was 40%, but during 2022, new tax legislation was passed reducing the tax rate to 25% for the years 2023 and beyond.
Required - Prepare the year-end journal entries to record income taxes for the years 2021-2024.
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