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Prepare the year-end journal entries to record income taxes

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Reference no: EM133161832

Question - The DeVille Company reported pretax accounting income on its income statement as follows:

2021 $415,000

2022 335,000

2023 405,000

2024 445,000

Included in the income of 2021 was an installment sale of property in the amount of $56,000. However, for tax purposes, DeVille reported the income in the year cash was collected. Cash collected on the installment sale was $22,400 in 2022, $28,000 in 2023, and $5,600 in 2024.

Included in the 2023 income was $23,000 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.

Reference no: EM133161832

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