Can you please help me with this problem with step by step explanation, please? Thank you :) J-Matt, Inc., had pretax accounting income of $303,000 and taxable income of $320,000 in 2021. The only difference betweenaccounting and taxable income is estimated product warranty costs of $17,000 for sales in 2021. Warranty payments are expected tobe in equal amounts over the next three years (2022–2024) and will be tax deductible at that time. Recent tax legislation will changethe tax rate from the current 25% to 20% in 2023.Determine the amounts necessary to record J-Matt's income taxes for 2021 and prepare the appropriate journal entry.Complete this question by entering your answers in the tabs below.GeneralIncome TaxJournalDetermine the amounts necessary to record J-Matt's income taxes for 2021.Current tax payable$ 80,000< Income TaxGeneral Journal >

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Answered: accounting and taxal be in ogual…

Business

Accounting

accounting and taxal be in ogual amounts

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter26: Tax Practice And Ethics

Section: Chapter Questions

Problem 32P

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