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(a) Prepare the journal entry for Tamarisk to record income taxes payable, deferred income taxes, and income tax expense for 2016, assuming that there were

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(a) Prepare the journal entry for Tamarisk to record income taxes payable, deferred income taxes, and income tax expense for 2016, assuming that there were no deferred taxes at the end of 2015. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Credit Account Titles and Explanation Debit (b) Prepare the journal entry for Tamarisk to record income taxes payable, deferred income taxes, and income tax expense for 2016, assuming that there was a balance of $23,100 in a Deferred Tax Liability account at the end of 2015. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit Exercise 19-11 At the end of 2016, Tamarisk Company has $176,700 of cumulative temporary differences that will result in reporting the following future taxable amounts. 2017 $59,200 2018 47,900 39,700 2019 2020 29,900 $176,700 Tax rates enacted as of the beginning of 2015 are: 2015 and 2016 40 % 2017 and 2018 30 % 2019 and later 25 % Tamarisk's taxable income for 2016 is $327,900. Taxable income is expected in all future years. for Tamarisk to record income tax (a) Prepare the jour expense for 2016, assuming that there were no deferred taxes at the end of 2015. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) deferred inco s, and incor

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