Business, 05.11.2019 04:31, kisses1131953
The deville company reported pretax accounting income on its income statement as follows:
2018 $350,000
2019 $270,000
2020 $340,000
2021 $380,000
included in the income of 2018 was an installment sale of property in the amount of $50,000. however, for tax purposes, deville reported the income in the year cash was collected. cash collected on the installment sale was $20,000 in 2019, $25,000 in 2020, and 5,000 in 2021. included in the 2020 income was $15,000 interest from investments in municipal bonds. the enacted tax rate for 2018 and 2019 was 30%, but during 2019, new tax legislation was passed reducing the tax rate to 2596 for the years 2020 and beyond.
required:
prepare the year-end journal entries to record income taxes for the years 2018—2021.
Answers: 2
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The deville company reported pretax accounting income on its income statement as follows:
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