(b)Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2025. (Creditaccount titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select"No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.)Account Titles and ExplanationDebitCredit Carla Vista Corporation reports pretax financial income of $265,900 for 2025. The following items cause taxable income to bedifferent than pretax financial income:1. Rental income on the income statement is less than rent collected on the tax return by $64,100.Depreciation on the tax return is greater than depreciation on the income statement by $41.200.Interest on an investment in a municipal bond of $8,000 on the income statement.2.3.Carla Vista' tax rate is 30% for all years, and the company expects to report taxable income in all future years. There are no deferredtaxes at the beginning of 2025.(a)Your Answer Correct Answer (Used)Compute taxable income and income taxes payable for 25.Taxable incomeIncome taxes payable280,80084,240Q

(b) Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2025. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit

(b) Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2025. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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