DEFFERED TAXES Braun has just completed its FIRST year of operations and has a number of differences between its pretax financial income and taxable income. The differences at the end of 2013 are as follows a. Braun recorded 8,000 of interest revenue on municipal bonds during 2013. b. $25,000 of installment sales were recognized in income during 2013. They are expected to be received during January 2014 c. Brauns depreciation schedule is listed below Depreciation per income statement Depreciation per tax return Difference 2013 86,000 (30,000) 56,000 d. Brawn was fined $3,000 for violating certain labor laws during 2013. e. Fielder Co. has agreed to rent space from Brawn in 2014. In December 2013, Braun received $9, from Fielder in advance for rent. f. For 2013, Braun reported $9,500 of warranty expense on its income statement. It deducted $3,2 warranty cost on its tax return. Braun's pretax financial income reported in 2013 was $250,000. Braun's tax rate is 30%. Required: Prepare Braun's income tax journal entry for 2013 DEFFERED TAXES Braun has just completed its FIRST year of operations and has a number of differences between its pretax financial income and taxable income. The differences at the end of 2013 are as follows a. Braun recorded 8,000 of interest revenue on municipal bonds during 2013. b. $25,000 of installment sales were recognized in income during 2013. They are expected to be received during January 2014 c. Brauns depreciation schedule is listed below Depreciation per income statement Depreciation per tax return Difference 2013 86,000 (30,000) 56,000 d. Brawn was fined $3,000 for violating certain labor laws during 2013. e. Fielder Co. has agreed to rent space from Brawn in 2014. In December 2013, Braun received $9, from Fielder in advance for rent. f. For 2013, Braun reported $9,500 of warranty expense on its income statement. It deducted $3,2 warranty cost on its tax return. Braun's pretax financial income reported in 2013 was $250,000. Braun's tax rate is 30%. Required: Prepare Braun's income tax journal entry for 2013