Question

Question 1 View Policies Current Attempt in Progress Splish Corporation began 2020 with a $57,960 balance in the Deferred Tax Liability account. At the end of 2020, the related cumulative temporary difference amounts to $441,000, and it will reverse evenly over the next 2 years. Pretax accounting income for 2020 is $661,500, the tax rate for all years is 20%, and taxable income for 2020 is $510,300. Compute income taxes payable for 2020. Income taxes payable $ e Textbook and Media List of Accounts Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020. (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 for the amounts.) Account Titles and Explanation Debit Credit e Textbook and Media List of Accounts Prepare the income tax expense section of the income statement for 2020 beginning with the line "Income before income taxes... (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Splish Corporation Income Statement (Partial)

Answer 1

Required 1 Taxable income S 510,300 20% tax rate income tax payable 102,060 Required 2 pretax accounting income 661,500 taxable income (510,300) timing difference 151,200 Account title and explanation Debit Credit current tax expense 102,060 deferred tax expense 30,240 510,300 x 20 % ) income tax payable 102,060 deferred tax liability 30,240 151,200 x 20% ) Required 3 Splish corporation income statement (partial) for the period of 2020 Income before income taxes 661,500 income tax expense 102,060 Current tax deferred tax expense 30,240 132,300 earning after income tax: 529,200 Please comment if you have any doubt Please give thumps up if you are satisfied with the answer