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Wicks Corporation began operations on January 1, 2019. At the end of 2010. Wicks reporned...

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Accounting

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Wicks Corporation began operations on January 1, 2019. At the end of 2010. Wicks reporned pretax financial income of $59,600 and taxabie income of 562 , 930 , due lo two ternporary differences. The income tax rate is 30\% for 2019 through .2021, but Congress has enacted a lax rate or 35% for 2022 and beyond. To determine its doterred taxes, Wicks prepared the following schedule of expected future taxable end deductible amounts for the two femporary differences: Required: 1. Prepare Wicks's income tax joumat entry at the and of 2019, Assume a vabualon allowance is not recuired: 2. Propare the fower portion of the 2019 income statement far Whcks. Amount Descriptions Income before income taxes Net income Net loss 1. Prepare Wicks's income tax journal entry on December 31, 2019. Assume a valuation allowance is not required. 2. Prepare the lower portion of the 2019 income statement for Wicks. Income Statement Instructions

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