2018 Pretax Accounting Income: $500,000

2018 Installment Sales Included in Pretax Income Totaled $100,000

2018 Installment Sales for Tax Purposes Totaled $80,000

December 31, 2018 Installment Receivable was $20,000 (to be collected in 2019)

Federal Fines Included Against Pretax Income totaled $10,000

All Fixed Assets Purchased Prior to January 1, 2018 were Fully Depreciated at 12/31/17

Fixed Assets purchased on January 1, 2018 for $200,000. Estimated Life is 4 Years

Depreciation for Accounting Purposes is Straight Line

Depreciation for Tax Purposes for 4 Year Assets is 50%, 30%, 10%, and 10%

Federal Tax Rate is 20%

5. What is the taxable income for the year ended December 31, 2018?

6. What is the required current/deferred tax journal entry at December 31, 2018?