The information that follows pertains to Esther Food Products: At December 31, 2021, temporary differences...
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Accounting
The information that follows pertains to Esther Food Products: At December 31, 2021, temporary differences were associated with the following future taxable (deductible) amounts: Depreciation $ 48,000 Prepaid expenses 20,000 Warranty expenses (17,000 ) No temporary differences existed at the beginning of 2021. Pretax accounting income was $68,000 and taxable income was $17,000 for the year ended December 31, 2021. The tax rate is 25%. Required: Complete the following table given below and prepare the appropriate journal entry to record income taxes for 2021.
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