As the new accountant for Oriole's Pet Express Inc., a line of pet boutiques, you are developing the financial statement disclosures for the $2023$ financial statement note on income taxes. The company uses ASPE, and has selected the taxes payrable method. The statutory tax rate is currently $30\%.$ During $2023,$ net income before tax was $$187,200.$ CCA exceeded depreciation expense by $$27,600.$ The only permanent difference was the non$-$deductible portion of meals and entertainment costs, which was $50\%$ of $$20,200.$

$($a$)$

Your answer is correct.

Determine the income tax expense to be recorded using the taxes payable methad and record the necessary journal entry. $($List debit entry before credit entry. Credit account titles are automaticalily indented when the amount is entered. Do not indent marually: If no entry is required, select $"$No Entry" for the occount titles and enter O for the amounts.$)$

Income tax expense

$

Account Titles and Explynation

Debit

Credit $$

Income Tax Expense

Income Tax Payyable

Prepare the reconciliation of the actual tax rate to the statutory rate as required for inclusion in the financial statement note on income taxes. $($Round answers to $1$ decimal place, e$\mathrm{.}8.15\mathrm{.}2\%.$ Enter negative percentages using either a negative sign preceding the number e$.$g$.-45$ or parentheses eg$.(45).)$

ORIOLE'S PET EXPRESSINC.

Statement of Reconcillation of Actual Tex Rate