Exercise 19-11 At the end of 2016, Monty Company has $182,000 of cumulative temporary differences that will result in reporting the following future taxable amounts. 2017 2018 2019 $60,200 51,500 2020 40,900 29,400 $182,000 Tax rates enacted as of the beginning of 2015 are: 2015 and 2016 2017 and 2018 40 % 30 % 25 % 2019 and later Monty's taxable income for 2016 is $306,200. Taxable income is expected in all future years. (a) Prepare the journal entry for Monty to record income taxes payable, deferred income taxes, and income tax expense for 2016, assuming that there were no deferred taxes at the end of 2015. (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.) Account Titles and Explanation Debit Credit (b) Prepare the journal entry for Monty to record income taxes payable, deferred income taxes, and income tax expense for 2016, assuming that there was a balance of $22,200 in a Deferred Tax Liability account at the end of 2015. (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.) Account Titles and Explanation Debit Credit