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 payable method. The

statutory tax rate is currently $30\%.$ During $2023,$ net income before tax was $$194,000.$ CCA exceeded depreciation expense by

$$28,600.$ The only permanent difference was the non$-$deductible portion of meals and entertainment costs, which was $50\%$ of

$$20,400.$

$($a$)$

Determine the income tax expense to be recorded using the taxes payable method and record the necessary journal entry. $($List

debit entry before credit entry. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no

entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts.$)$

Income tax expense $

Account Titles and Explanation

Prepare the reconciliation of actual tax rate to the statutory rate as required for inclusion in the financial statement $n$

income taxes. $($Round answers to $1$ decimal place, e$.$g$.15\mathrm{.}2\%.$ Enter negative amounts using either a negative sign preceding $t$

e$.$g$.-45$ or parentheses e$.$g$.(45).)$

$1$

$\%$

$\%$

$\%$

$\%$