Question
Alberto Company determines its annual income tax expense to be $459,000. Of that amount, $300,000 has already been paid during the year (on a quarterly
Alberto Company determines its annual income tax expense to be $459,000. Of that amount, $300,000 has already been paid during the year (on a quarterly basis) and charged to the Income Taxes Expense account. The company has determined that, of the amount that has not yet been paid or recorded, $75,000 will be deferred into future years under certain favorable income tax provisions available to the company.
Prepare the end-of-year general journal entry to recognize income taxes accrued. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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