The information that follows pertains to Esther Food Products: At December 31, 2024, temporary differences were associated with the following future taxable (deductible) amounts: Depreciation $ 62,000 Prepaid expenses 26,000 Warranty expenses (8,000) No temporary differences existed at the beginning of 2024. Pretax accounting income was $103,000 and taxable income was $23,000 for the year ended December 31, 2024. The tax rate is 25 % . Required: Complete the following table given below and prepare the appropriate journal entry to record income taxes for 2024.

The information that follows pertains to Esther Food Products: At December 31, 2024, temporary differences were associated with the following future taxable (deductible) amounts: Depreciation $ 62,000 Prepaid expenses 26,000 Warranty expenses (8,000) No temporary differences existed at the beginning of 2024. Pretax accounting income was $103,000 and taxable income was $23,000 for the year ended December 31, 2024. The tax rate is 25 % . Required: Complete the following table given below and prepare the appropriate journal entry to record income taxes for 2024.

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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