60.1K

Verified Solution

Link Copied!

t s Question 18 At the end of 2019, Shamrock Company has $182,800 of cumulative temporary differences that will result in reporting the foowing future table 2020 $59.100 2021 51,700 41,300 2023 30,700 $182,800 2022 Tax rates enacted as of the beginning of 2018 are: 2018 and 2019 2020 and 2021 2022 and later 40 % 30% 259 Shamrock's taxable income for 2019 is $327,700. Taxable income is expected in all future years (a) Prepare the journal entry for Shamrock to record income taxes payable, deferred income taxes, and income tax expense for 2019, assuming that there were no deferred to the end of 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the accountles and enter for the amounts) Account Titles and Explanation Debit Credit (b) Prepare the journal entry for Shamrock to record income taxes payable, deferred income taxes, and income tax expense for 2019, assuming that there was a balance of $21.400 in a Deferred Tax Liability account at the end of 2018. (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 Credit Debit Click if you would like to show Work for this question: Open Show Work

Answer & Explanation Solved by verified expert

See Answer