Bandung Corporation began 2014 with a $95,400 balance in the Deferred Tax Liability account. At...
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Bandung Corporation began 2014 with a $95,400 balance in the Deferred Tax Liability account. At the end of 2014, the related cumulative temporary difference amounts to $359,700, and it will reverse evenly over the next 2 years. Pretax accounting income for 2014 is $538,100, the tax rate for all years is 30%, and taxable income for 2014 is $496,400. prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2014.
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