(A) Swingley Company uses an accelerated method to depreciate its fixed assets for tax purposes and the straightline method for financial reporting purposes. In 2009, the accelerated method recognized depreciation of $35,000, while the straight-line method recognized depreciation of $20,000. Taxable income and net income before taxes for that year were $65,000 and $80,000, respectively. Assuming a tax rate of 35%, prepare the journal entry Swingley must record to accrue its 2009 tax liability.

(B) (Similar question with slightly change) Swingley Company uses an accelerated method to depreciate its fixed assets for tax purposes and the straightline method for financial reporting purposes. In 2009, the accelerated method recognized depreciation of $35,000, while the straight-line method recognized depreciation of $20,000. Taxable income and net income before taxes for that year were $65,000 and $75,000, respectively. Assuming a tax rate of 35%, prepare the journal entry Swingley must record to accrue its 2009 tax liability. Swingley also booked a $5,000 fine.