carwas.su.edu The following facts relate to Sheridan Corporation 1. Deferred tax liability, January 1, 2017, $46,800. 2. Deferred tax asset, January 1, 2017, $0. 3. Taxable income for 2017, $111,150. 4 Pretax financial income for 2017, $234,000. 5. Cumulative temporary difference at December 31, 2017, giving rise to future taxable amounts, $280,800, 6. Cumulative temporary difference at December 31, 2017, giving rise to future deductible amounts, $40,950. 7. Tax rate for all years, 40%. 8. The company is expected to operate profitably in the future. Compute income taxes payable for 2017. (Round answer to the nearest dollar amount, .. $1,525.) Income taxes payable $ e Textbook and Media List of Accounts Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2017. (Credit account titles outomatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account and enter for the amounts. Round answers to the nearest dollar amount, e.g. $1,525.) Account Titles and Explanation Debit Credit Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2017. (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 title and enter for the amounts. Round answers to the nearest dollar amount, .s. $1,525.) Account Titles and Explanation Debit Credit eTextbook and Media List of Accounts Prepare the income tax expense section of the income statement for 2017, beginning with the line Income before income taxes." (Enter lossus either a negative sign preceding the number e.3.-45 or parentheses e.s. (45)) Sheridan Corporation Income Statement (Partial) eTextbook and Media List of Accounts Prepare the income tax expense section of the income statement for 2017, beginning with the line "Income before income taxes.(Enter loss using either a negative sign preceding the number es. -45 or parentheses e.s. (451) Sheridan Corporation Income Statement (Partial) eTextbook and Media