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The following income computations have been prepared

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1. (Two Temporary Differences, Tracked through 3 Years, Multiple Rates) Taxable income and pretax financial income would be identical for Jones Co. except for its treatments of gross profit on installment sales and estimated costs of warranties. The following income computations have been prepared. The tax rates in effect are: 2010, 45%; 2011 and 2012, 40%. All tax rates were enacted into law on January 1, 2010. No deferred income taxes existed at the beginning of 2010. Taxable income is expected in all future years. Prepare the journal entry to record income tax expense, deferred income taxes, and income tax payable for 2010, 2011, and 2012.

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Reference no: EM131108744

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