32 The following facts relate to Krung Thep Corporation: 1. Deferred tax 2. Deferred tax liability, January 1, 2015, $40,000 asset, January 1, 2015, $0 3. Taxable income for 4. Pretax financial 5. Cumulative 6. Cumulative 7. Tax rate for all 8. The company is 2015, $115,000 income for 2015, $200,000 amounts, $220,000 deductible amounts, $35, 000 temporary difference at December 31, 2015, giving rise to future taxable temporary difference at December 31, 2015, giving rise to future years, 40% expected to operate profitably in the future. Instructions: a. Compute income taxes payable for 2015. b. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2015. Prepare the income tax expense section of the income statement for 2015, beginning with the line "income before income taxes." Attach File Browse My Computer Browse Content Collection Browse Dropbox