The information that follows pertains to Esther Food Products: a. At December 31, 2021, temporary differences were associated with the following future taxable (deductible) amounts: Depreciation Prepaid expenses Warranty expenses $ 68,000 29,000 (11,000)
b. No temporary differences existed at the beginning of 2021.
c. Pretax accounting income was $112,000 and taxable income was $26,000 for the year ended December 31, 2021.
d. The tax rate is 25%.
Required:
Complete the following table given below and prepare the appropriate journal entry to record income taxes for 2021.
Complete this question by entering your answers in the tabs below. Calculation General Journal Complete the following table given below to record income taxes for 2021. (Negative amounts should be entered with a mini x Tax Rate = Tax $ Recorded as: $ 112,000 Pretax accounting income Permanent differences Income subject to taxation Temporary Differences Income taxable in current year Calculation General Journal > Journal entry worksheet Record 2021 income taxes. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal