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Question - For calendar 2020, its first year of operations, Rough Corp. reported pre-tax accounting income of $330,000. The only difference between pre-tax accounting income and taxable income is due to accrued warranty costs, which are expected to be paid as follows:
2021 $90,000
2022 45,000
2023 45,000
2024 90,000
The enacted income tax rates are 30% for 2020, 35% for 2021, 2022 and 2023, and for 2024.
Required -
1. What account and amount should appear on the SFP at December 31, 2020 with respect to deferred taxes?
2. Prepare the journal entries to record income taxes for 2020.
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