Chapter 18, Problem 8E

Incomc Taxes Then Company has been in operation for several years. It has both a deductible and a taxable temporary difference. At the beginning of 2019, its deferred tax asset was $690, and its deferred tax liability was $750. The company expects its lutine deductible amount to be “deductible” in 2020 and its Inline taxable amount to 1кг “taxable” in 2021. In 2018, Congress enacted income tax rates for future years as follows: 2019, 30%; 2020, 34%; and 2021, 35%. At the end of 2019, Then reported income taxes payable of $25,800, an increase in its deferred tax liability of $300, and an ending balance in its deferred tax asset of $860. Thun has prepared the following schedule of items related to its income taxes for 2019.

Required:

Fill in the blanks in the preceding schedule. Show your calculations.