During their first 4 years of operations Falcon Enterprises has the following amounts of total revenues and expenses for both book and tax purposes Year 2020: 2021: 2022: 2023: Revenues $82,000 2020: 2021: 2022: 2023: $78,000 $62,000 $94,000 Expenses $62,000 $96,000 $87,000 $61,000 Current tax law allows only loss carryforward (no carrybacks), and Falcon has a tax rate of 20% for each year. Record the tax related journal entry for each of the following years:

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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.