At the end of 2019, Riverbed Company has $181,900 of cumulative temporary differences that will result in reporting the following future taxable amounts. 2020 2021 2022 2023 $61,000 49,700 41,800 29,400 $181,900 Tax rates enacted as of the beginning of 2018 are: 2018 and 2019 2020 and 2021 2022 and later 40 % 30 % 25 % Riverbed's taxable income for 2019 is $315,000. Taxable income is expected in all future years. (a) Prepare the journal entry for Riverbed to record income taxes payable, deferred income taxes, and income tax expense for 2019,

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Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.