At the end of 2024, Wildhorse Company has $180,300 of cumulative temporary differences that will result in reporting the following future taxable amounts. 2025 2026 2027 2028 $57,500 51,300 41,000 30,500 $180,300 Tax rates enacted as of the beginning of 2023 are: 2023 and 2024 2025 and 2026 2027 and later 40% 30% 25% Wildhorse's taxable income for 2024 is $306,100. Taxable income is expected in all future years. (a) Prepare the journal entry for Wildhorse to record income taxes payable, deferred income taxes, and income tax expense for 2024, assuming that there were no deferred taxes at the end of 2023. (List all debit entries before credit entries. 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 O for the amounts.) S

At the end of 2024. Wildhorse Company has $180,300 of cumulative temporary differences that will result in reporting the following future taxable amounts. Tax rates enacted as of the beginning of 2023 are: Wildhorse's taxable income for 2024 is $306,100, Taxable income is expected in all future years. (a) Prepare the foumal entry for widhorse to record income taxes payable, deferred income taxes, and income tax expense for 2024 , assuming that there were no deferred taxes at the end of 2023. (List all debit entries before credit entries. Credit occount titles are outomatically indented when amount is entered, Do not indent mancally. If no entry is required, select 'No Entry' for the occount titles and enter ofor the amounts) (a) Prepare the journal entry for Wildhorse to record income taxes payable, deferred income taxes, and income tax expense for 2024 , assuming that there were no deferred taxes at the end of 2023. (List all debit entries before credit entries. Credit account titles are outomatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the occount titles and enter 0 for the amounts.) (b) Prepare the journal entry for Wildhorse to record income taxes payable, deferred income taxes, and income tax expense for 2024. assuming that there was a balance of $22.100 in a Deferred Tax Liability account at the end of 2023. (List all debit entries before credit entries. Credit occount tities ore outomatically indented when amount is entered. Do not indent manualfy. If no entry ls requlired, select "No Entry" for the occount titles and enter O for the amounts)