Exercise 19 8 (Part Level Submission) Riverbed Company has the following two temporary differences between its income tax expense and income taxes payable 2017 2018 2019 Pretax financial income $873,000 $866,000 $947,000 Excess depreciation expense on tax return (29,400 ) (39,000 ) (9,600 ) Excess warranty expense in financial income 20,000 9,900 8,300 Taxable income $863,600 $836,900 $945,700 The income tax rate for all years is 40 Collapse question part (a) Correct answer Your answer is correct Assuming there were no temporary differences prior to 2017, prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2017, 2018, and 2019 (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 2017 Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer 2018 Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer 2019 Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER LINK TO TEXT LINK TO TEXT By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor Attempts 2 of 3 used Collapse question part (b) Partially correct answer Your answer is partially correct Try again Indicate how deferred taxes will be reported on the 2019 balance sheet Riverbeds product warranty is for 12 months Riverbed Company Balance Sheet Entry field with correct answer Entry field with correct answer Entry field with correct answer $Entry field with incorrect answer LINK TO TEXT

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Exercise 19-8 (Part Level Submission) Riverbed Company has the following two temporary differences between its income tax expense and income taxes payable. 2017 2018 2019

Exercise 19-8 (Part Level Submission)

Riverbed Company has the following two temporary differences between its income tax expense and income taxes payable.

2017

2018

2019

Pretax financial income

$873,000

$866,000

$947,000

Excess depreciation expense on tax return

(29,400

)

(39,000

)

(9,600

)

Excess warranty expense in financial income

20,000

9,900

8,300

Taxable income

$863,600

$836,900

$945,700

The income tax rate for all years is 40%.

Collapse question part

(a)

Correct answer. Your answer is correct.

Assuming there were no temporary differences prior to 2017, prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2017, 2018, and 2019. (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

2017

Entry field with correct answer