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apport Sheridan Company has the following two temporary differences between its income tax expense and income taxes payable. Pretax financial income Excess depreciation expense on
apport Sheridan 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 2021 2022 $876,000 $908,000 $904,000 (28,500) (41,000) (10,000) 20,900 10,300 8,000 $868,400 $877,300 $902,000 The income tax rate for all years is 20%. 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 2021 2021 e Textbook and Media List of Accounts Indicate how deferred taxes will be reported on the 2022 balance sheet. Sheridan's product warranty is for 12 months. Sheridan Company Balance Sheet (Partial) eTextbook and Media List of Accounts 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 number e.g. -45 or parentheses e.g. (45) Sheridan Company Income Statement (Partial) LISLUI ALLUNS 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 number e.g.-45 or parentheses c.8.(45 Sheridan Company Income Statement (Partial) e Textbook and Media List of Accounts
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