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answer questions a, b & c correctly. i will thumbs up Pharoah Company has the following two temporary differences between its income tax expense and

answer questions a, b & c correctly. i will thumbs up image text in transcribed
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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) Assuming there were no temporary differences 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 Account Titles and Explanation Debit Credit 2020 2021 2022 indicate how deferred taxes word be reported on the 2016 Balance sheet as follows: Temporary difference Asset lidbility Account classification Classification Depreciation expense NATOMIAST ACCOUNGE warranty expense Depreciatin expence waranty expense Depredsiation expense Warranty expense prepare the income statement for the year Amounts amounts 2016 Os follows particulars Income betere income taxe Income tax Expense current Defferred tax lidbility Deferred tax asser Net Income

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