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In 2022, Jetex performed a meals and entertainment study of their current year M&E expenses totalling $24,000. They concluded that only $6,000 of expenses were

In 2022, Jetex performed a meals and entertainment study of their current year M&E expenses totalling $24,000. They concluded that only $6,000 of expenses were subject to the 50% disallowance under the IRS rules. The remaining $18,000 would be fully deductible and not subject the 50% limitation. However, Jetex believes that the IRS would require the full $24,000 be subject to the limitation, which would permanently disallow $12,000. Therefore, if the as-filed tax position (i.e., the full deduction of $18,000 claimed in the current-year tax return) is not sustained, Jetex would be entitled to only a $12,000 deduction in the current year. Jetex's tax rate is 21%. Ignore state taxes (hint: just use the federal rate). Required: What Journal Entry should Jetex book to record the UTP? Please show your work by describing how Jetex should compute its liability for unrecognized tax

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