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1 18 In 2018 X company reported net income $80,000, during the year 2018 there is one temporary difference reduce the net income by
1 18 In 2018 X company reported net income $80,000, during the year 2018 there is one temporary difference reduce the net income by $20,000, this difference will reversed in 2019 by $8,000 and in 2020 by $12,000, the taxable income in 2019 was $100,000 and in ?2020 was $120,000 and applied tax rate is 20%, journalize the entry in 2019 .Debit Income tax expense $18,400, Credit income tax payable $20,000, Debit deferred tax liabilty $1,600.a O Debit income tax expense $16,000, Credit income tax payable $12,000, Credit deferred tax liabilty $4,000.b O .Debit Income tax expense $12,000, Credit income tax payable $16,000, Credit deferred tax asset $4,000.c O 19 1 In 2018 X company reported net income $80,000, during the year 2018 there is one temporary difference reduce the net income by $20,000, this difference will reversed in 2019 by $8,000 and in 2020 by $12,000, the taxable income in 2019 was $100,000 and in ?2020 was $120,000 and applied tax rate is 20%, compute Income tax payable in 2018 $12,000.a O $16,000.b O $20,000.c O
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