Exercise 19-5 (Part Level Submission) The following facts relate to Marigold Corporation. 1. Deferred tax liability, Ja...

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Exercise 19-5 (Part Level Submission) The following facts relate to Marigold Corporation. 1. Deferred tax liability, January (b) Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2017. (Credit

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Answer 1

Answer #1

b
	Debit	Credit
Income tax expense	88800
Deferred tax Asset	15540		=38850*40%
Income taxes payable		42180	=105450*40%
Deferred tax Liability		62160	=(266400*40%)-44400

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Answer 2

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Exercise 19-5 (Part Level Submission) The following facts relate to Marigold Corporation. 1. Deferred tax liability, Ja...