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answer all incorrect questions on C Pharoah Company has the following two temporary differences between its income tax expense and income taxes payable. Pretax financial
answer all incorrect questions on C Pharoah Company has the following two temporary differences between its income tax expense and income taxes payable. Pretax financial income Excess depreciation expense on tax return Excess warranty expense in financial income Taxable income 2020 $811,000 (31,500) 19,900 $799,400 2021 $932,000 (39,100) 9,800 $902,700 2022 $992,000 (9.900) 8,300 $990,400 The income tax rate for all years is 20%. (a) Your answer is correct Assuming there were no temporary differentes prior to 2020, prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020, 2021, and 2022. (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 for the amounts.) Account Titles and Explanation Debit Credit 2020 Your answer is partially correct. Prepare the income tax expense section of the income statement for 2022, beginning with the line "Pretax financial income" (Enter negative amounts using either a negative sign preceding the numberes.-45 or parentheses eg. (45).) Pharoah Company Income Statement (Partial) For the Year Ended December 31, 2022 Pretax Financial Income 992000 Income Tax Expense Deferred $ 198080 Current 6300 3980 Net Income /(Loss) 793600
answer all incorrect questions on C
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