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Question - Wicks Corporation began operations on January 1, 2019. At the end of 2019, Wicks reported pretax financial income of $57,500 and taxable income of $52,830, due to two temporary differences. The income tax rate is 25% for 2019 through 2021, but Congress has enacted a tax rate of 35% for 2022 and beyond. To determine its deferred taxes, Wicks prepared the following schedule of expected future taxable and deductible amounts for the two temporary differences:
2020
2021
2022
2023
Future taxable amounts
$4,700
$3,700
$4,300
$4,100
Future deductible amount
(14,100)
Required -
1. Prepare Wicks's income tax journal entry at the end of 2019. Assume a valuation allowance is not required.
2. Prepare the lower portion of the 2019 income statement for Wicks.
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