Question
Exercise 19-04 Marigold Company reports pretax financial income of $73,600 for 2020. The following items cause taxable income to be different than pretax financial income.
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b) Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020. (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 titles and enter 0 for the amounts.)
c) Prepare the income tax expense section of the income statement for 2020, beginning with the line Income before income taxes. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
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