(c)Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020, assumingtaxable income of $280,800. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If noentry is required, select "No Entry" for the account titles and enter O for the amounts.)Account Titles and ExplanationDebitCredit The following information is available for Whispering Inc. for 2019:1.Excess of tax depreciation over book depreciation, $77,200. This $77,200 difference will reverse equally over the next 4years.2.Deferral, for book purposes, of $26,000 of subscription income received in advance. The subscription income will beearned in 2020.3.Pretax financial income, $206,000.4.Tax rate for all years, 20%.

Tax refers to the amount charged by the government from the individual and companies on the income…

(c) Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020, assuming taxable income of $280,800. (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.) Account Titles and Explanation Debit Credit

(c) Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020, assuming taxable income of $280,800. (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.) 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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