- At The End Of 2019 Kingbird Company Has 181 100 Of Cumulative Temporary Differences That Will Result In Reporting The 1 (12.47 KiB) Viewed 9 times
- At The End Of 2019 Kingbird Company Has 181 100 Of Cumulative Temporary Differences That Will Result In Reporting The 2 (26.25 KiB) Viewed 9 times
- At The End Of 2019 Kingbird Company Has 181 100 Of Cumulative Temporary Differences That Will Result In Reporting The 3 (16.31 KiB) Viewed 9 times
Kingbird's taxable income for 2019 is $316,200. Taxable income is expected in all future years. (a) Prepare the journal entry for Kingbird to record income taxes payable, deferred income taxes, and income tax expense for 2019, assuming that there were no deferred taxes at the end of 2018. (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 O for the amounts) Account Titles and Explanation Debit Credit (b) Prepare the journal entry for Kingbird to record income taxes payable, deferred income taxes, and income tax expense for 2019. assuming that there was a balance of $21700 in a Deferred Tax Liability account at the end of 2018. (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.)
(b) Prepare the journal entry for Kingbird to record income taxes payable, deferred income taxes, and income tax expense for 2019, assuming that there was a balance of $21.700 in a Deferred Tax Liability account at the end of 2018. (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 O for the amounts) Account Titles and Explanation Debit Credit