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Hi! I was wondering if you could walk me through how to find these journal entrees. Thank you so much! The following facts relate to

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Hi! I was wondering if you could walk me through how to find these journal entrees. Thank you so much!

The following facts relate to Krung Thep Corporation. 1. Deferred tax liability, January 1,2025,$20,000. 2. Deferred tax asset, January 1, 2025, $0. 3. Taxable income for 2025,$95,000. 4. Pretax financial income for 2025, $200,000. 5. Cumulative temporary difference at December 31, 2025, giving rise to future taxable amounts, $240,000. 6. Cumulative temporary difference at December 31,2025 , giving rise to future deductible amounts, $35,000. 7. Tax rate for all years, 20%. 8. The company is expected to operate profitably in the future. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2025 . (List all debit entries before credit entries. 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.)

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