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Exercise 19-05 The following facts relate to Sheffield Corporation. 2. 3. 4. Deferred tax liability, January 1, 2020, $24,600. Deferred tax asset, January 1, 2020,

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Exercise 19-05 The following facts relate to Sheffield Corporation. 2. 3. 4. Deferred tax liability, January 1, 2020, $24,600. Deferred tax asset, January 1, 2020, $0. Taxable income for 2020, $116,850. Pretax financial income for 2020, $246,000. Cumulative temporary difference at December 31, 2020, giving rise to future taxable amounts, $295,200. Cumulative temporary difference at December 31, 2020, giving rise to future deductible amounts, 543,050. Tax rate for all years, 20%. The company is expected to operate profitably in the future. 5. 6. 7. 8. Your answer is correct. Compute income taxes payable for 2020 Income taxes payable 23370 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Your answer is correct. 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 entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Account Tities and Explanation Debit Credit CALCULATOR PRINTER VERSION RACK s Compute income taxes payable for 2020. Income taxes payable 23370 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Your answer is correct. Prepare the journal entry to record income tax expense, deferred Income taxes, and income tax payable for 2020. ( Cremally indested when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the accounts and enter for the amount Account Titles and Explanation Debit Crede Income Tax Expense 49200 Deferred Tax Asset 8610 Income Tax Payable 23370 Deferred Tax Laby 34640 SHOW UNT OF ACCOUNTS LINK TO TEXT TO TEXT Your answer is partially correct. Try again Your answer is partially corred. Try again. Prepare the income tax expense section of the income statement for 2020, beginning with the tinencome before income tester megetive amounts using either a negative sign preceding the number ..-45 or parentheses (45).) Sheffield Corporation Income Statement (Partial) For the Year Ended December 31, 2020 Income before Income Taxes Income Tax ben Current 23370 34440 57810 Click if you would like to Show Work for this question Open Shew Work HOWLIT OF ACCOUNT

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