Balance Sheet

General

Journal

Assuming that the deferred tax liability balance was $$250,000$ the previous year, prepare the appropriate journal entry to record income

taxes this year.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Enter your answers in

whole dollars.

Journal entry worksheet

$1$

Record the income tax expense.

Note: Enter debits before credits.Milo Manufacturing uses straight$-$IIne depreciation for financial statement reporting and is able to deduct $100\%$ of the cost of

equipment in the year the equipment is purchased for tax purposes. Four years after its purchase, one of Milo's manufacturing

machines has a book value of $$840,000.$ There were no other temporary differences and no permanent differences. Taxable Income

was $$34$ million and Milo's tax rate is $25\%.$

What is the deferred tax llability to be reported in the balance sheet? Assuming that the deferred tax llability balance was $$250,000$

the previous year, prepare the approprlate journal entry to record income taxes this year.

Complete this question by entering your answers in the tabs below.

Balance Sheet

General

Journal

What is the deferred tax liability to be reported in the balance sheet?

Note: Enter your answer in whole dollars.