5. Assume the following information for Robert Corporation for the year ended December 31, 2016:

Accounting Income Before Income Taxes

$1,000,000

Permanent Differences-Income Items Included

in the above Accounting Income Before Income Taxes Which Are Not Taxable

$100,000

under the Income Tax rules

Timing Differences: Robert Corporation uses accelerated depreciation

methods for income tax purposes. For 2016, income tax depreciation

expense using the accelerated method was greater than

accounting (book) depreciation expense by

$100,000

a) Record the journal entry for income tax expense, income taxes payable, and deferred income taxes payable under US GAAP, assuming that the

US Corporate Income Tax Rate is

35%

for the year ended December 31, 2016.

Assume this is the first year that Robert Corporation has been in operation.