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Flint Corporation began operations in 2 0 2 0 and reported pretax financial income of $ 2 3 4 , 0 0 0 for the
Flint Corporation began operations in and reported pretax financial income of $ for the year. Flint's tax depreciation exceeded its book depreciation by $ Flint's tax rate for and years thereafter is Assume this is the only difference between Flint's pretax financial income and taxable income. Prepare the journal entry to record the income tax expense, deferred income taxes, and income taxes payable. 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 for the amounts. Account Titles and Explanation Debit Credit Income Tax Expense Deferred Tax Liability
Flint Corporation began operations in and reported pretax financial income of $ for the year. Flint's tax depreciation exceeded its book depreciation by $ Flint's tax rate for and years thereafter is Assume this is the only difference between Flint's pretax financial income and taxable income.
Prepare the journal entry to record the income tax expense, deferred income taxes, and income taxes payable. 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 for the amounts.
Account Titles and Explanation
Debit
Credit
Income Tax Expense
Deferred Tax Liability
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