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Homework Chapter $10$

Question $4$ Partially correct Mark $0\mathrm{.}17$ out of $1\mathrm{.}00$ P Flag question

Computing and Reporting Deferred Income Taxes

REQUIRED

i$.$ Prepare the journal entries to record income taxes for $2022$ and $2023.$

ii$.$ Prepare the journal entries to record income taxes for $2022$ and $2023$ if in $2022$ the U$.$S$.$ enacts a permanent tax rate change to be effective in $2023$ ; the rate will increase to $35\%.$

$\backslash$table$[[$Date$,$Account,Debit,Credit$],[$Year $2022,$Income tax expense,$46,240,],[$Deferred income tax liability,$2,240,0],[$Income taxes payable,$44,000,0],[$To record income tax expense in $2022,,],[$Year $2023,$Income tax expense,$68,600,],[$Deferred income tax liability,$0,0],[$Income taxes payable,$70,840,],[$To record income tax expense in $2023,,]]$