please answer part b. Marigold Corporation began 2020 with a $39,560 balance in the Deferred Tax Liability account. At the end of 2020, the related cumulative temporary difference amounts to $301,000, and it will reverse evenly over the next 2 years. Pretax accounting income for 2020 is $451,500, the tax rate for all years is 20%, and taxable income for 2020 is $348,300.v (a)Vour answer is correct.Compute income taxes payable for 2020.Income taxes payable69660Click if you would like to Show Work for this question: Open Show WorkSHOW LIST OF ACCOUNTSSHOW SOLUTIONLINK TO TEXTLINK TO TEXT - (b)Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020. (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 0 for the amounts.)Account Titles and ExplanationDebitCreditClick if you would like to Show Work for this question: Open Show Work

According to standard business accounting rules, the tax expense is the amount that an individual…

Prepare the jourmal entry to record income tax epense deferred inceme taes. and inceme taes payable for 2020. (Credit account titles are automatically indented when amount is entered. De net 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 Click if you would like to Show Werk for this question: gan Show Werk

Prepare the jourmal entry to record income tax epense deferred inceme taes. and inceme taes payable for 2020. (Credit account titles are automatically indented when amount is entered. De net 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 Click if you would like to Show Werk for this question: gan Show Werk

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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