Cullumber Corporation began operations in 2025 and reported pretax financial income of $226,000 for the...
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Cullumber Corporation began operations in and reported pretax financial income of $ for the year. Cullumber's tax depreciation exceeded its book depreciation by $ Cullumber's tax rate for and years thereafter is Assume this only difference between Cullumber's pretax financial income and taxable income.
Prepare the journal entry to record the income tax expense, deferred income taxes, and income taxes payable. List all debit en before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent mally entry is required, select No Entry" for the account titles and enter for the amounts.
Account Titles and Explanation
Debit
Credit
Show how the deferred tax liability will be classified on the December balance sheet.
Deferred tax liability should be classified as a on the December balance sheet.
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