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Gore Company, organized on January 2, 2021, had pretax accounting income of $6,500,000 and taxable income of $9,200,000 for the year ended December 31, 2021.
Gore Company, organized on January 2, 2021, had pretax accounting income of $6,500,000 and taxable income of $9,200,000 for the year ended December 31, 2021. The 2021 tax rate was 25%. The only difference between book and taxable income is estimated warranty costs. Expected payments and scheduled enacted tax rates are as follows: 2022 $900,000 30% 2023 450,000 30% 2024 450,000 30% 2025 900,000 35% Required: Prepare one compound journal entry to record Gore's provision for taxes for the year 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the income taxes. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal
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