The DeVille Company reported pretax accounting Income on its income statement as follows: 2024 2025 2026 $ 435,000 2027 355,000 425,000 465,000 Included in the income of 2024 was an installment sale of property in the amount of $64,000. However, for tax purposes, Deville reported the income in the year cash was collected. Cash collected on the installment sale was $25,600 in 2025, $32,000 in 2026. and $6,400 in 2027 Included in the 2026 income was $27,000 Interest from investments in municipal governmental bonds. The enacted tax rate for 2024 and 2025 was 40%, but during 2025, new tax legislation was passed reducing the tax rate to 25% for the years 2026 and beyond. Required: Prepare the year-end journal entries to record income taxes for the years 2024-2027. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.

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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.