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North Dakota Corporation began operations in January 2017 and purchased a machine for $16,000. North...

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Accounting

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North Dakota Corporation began operations in January 2017 and purchased a machine for $16,000. North Dakota uses straight-line depreciation over a four-year period for financial reporting purposes. For tax purposes, the deduction is 50% of cost in 2017, 30% in 2018, and 20% in 2019. Pretax accounting income for 2017 was $146,000, which includes interest revenue of $18,000 from municipal bonds. The enacted tax rate is 30% for all years. There are no other differences between accounting and taxable income. Required: Prepare a journal entry to record income taxes for the year 2017. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the income taxes. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal

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