Pharoah Corporation has one temporary difference at the end of that will reverse and cause taxable amounts of $ in
$ in and $ in Pharoah's pretax financial income for is $ and the tax rate is for all
years. There are no deferred taxes at the beginning of
a
Your answer is correct.
Compute taxable income and income taxes payable for
Taxable income
$
Income taxes payable
$b
Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for List all debit
entries before credit entries. 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
Debit
Credit
