IMPORANT CORONA 19 COVID

h. Suppose the facts given in a. through g. above, except that the company also earned $50,000 per year in tax-free interest from an investment in Municipal bonds owned by the company. The Interest revenue is included in the $530,000 of other financial income. The tax rate is 40%. Give the journal entry to record income taxes for 2019 only. Show all work for full credit. Please enter the journal entry immediately below the table. (5 points) and you may also show your work in the section below. Show less A B D 1 Year Account Debit Credit 2 3 4 5 6 7 8 9 10 Description of item 2019 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Requirement Suppose the facts given in a. through g. above, except that, as of 2019, the legislated tax rates for the coming years are: 2019 -- 40%; 2020 -- 45%; and 2021 -- 50%. Give the ending balance of the deferred tax asset or liability in 2019 and 2020 only. Show all work for full credit. (9 points) Show less Asset or Liability? Ending Balance Ending balance of the deferred tax asset or liability in 2019 Ending balance of the deferred tax asset or liability in 2020 Show all work below for full credit: