Brlef Exerclse $16-11($Algo$)$ Multiple tax rates $[$L$016-6]$

J$-$Matt, Incorporated, had pretax accounting income of $$323,000$ and taxable income of $$360,000$ in $2024.$ The only difference

between accounting and taxable income is estimated product warranty costs of $$37,000$ for sales in $2024.$ Warranty payments are

expected to be In equal amounts over the next three years $(2025$ to $2027)$ and will be tax deductible at that time. Recent tax

legislatlon will change the tax rate from the current $25\%$ to $20\%$ in $2026.$

Determine the amounts necessary to record J$-$Matt's Income taxes for $2024$ and prepare the approprlate Journal entry.

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Determine the amounts necessary to record J$-$Matt's income taxes for $2024.$

Current tax payable