The information that follows pertains to Julia Company: 3 Temporary differences for the year 2021...
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Accounting
The information that follows pertains to Julia Company: 3 Temporary differences for the year 2021 are summarized below. Expenses deducted in the tax return, but not included in the income statement Depreciation Prepaid expense $70,000 $ 9,000 2:23:10 Expenses reported in the income statement, but not deducted in the tax return; $10,000 Book Warranty expense (b) No temporary differences existed at the beginning of 2021. (c) Pretax accounting income was $78,000 and taxable income was $9,000 for 2021. (d.) There were no permanent differences. (e.) The tax rate is 35%. Required: Prepare the Journal entry to record the tax provision for 2021. (If no entry is required for a transaction/event, select "No required" in the first account field.) View transaction ist Journal entry worksheet
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