1. In 2021, Amirante Corporation had pretax financial income of $168,000 and taxable income of $120,000. The difference is due to the use of different depreciation methods for tax and accounting purposes. The effective tax rate is 30%. Compute the amount to be reported as income taxes payable on December 31, 2021. $36,000. The following items pertains to Shinault Inc. The accounting records of Shinault Inc. show the following data for 2021 (its first year of operations).

   • Life insurance expense on officers was $9,000.

   • Equipment was acquired in early January for$300,000. Straight-line depreciation over a 5-year life is used, with no salvage value. For tax purposes, Shinault used a 30% rate to calculate depreciation.

   • Interest revenue on State of New York bonds totaled $4,000.

   • Product warranties were estimated to be $50,000 in 2021. Actual repair and labor costs related to the warranties in 2021 were $10,000. The remainder is estimated to be paid evenly in 2022 and 2023.

   • Gross profit on an accrual basis, $75,000 was recorded on the installment-sales method.

   • Pretax financial income was $750,000. The tax rate is 30%.

Instructions (a) Prepare a schedule starting with pretax financial income in 2021 and ending with taxable income in 2021. (b) Prepare the journal entry for 2021 to record income taxes payable, income tax

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