Income Taxes - HELP! It doesn't allow me to upload the excel file.

all information provided.

Kent Land Management reported pre tax income and related information as 1) outlined below for 2018 through 2020 (all items are in thousands) EFFECTIVE TAX RATE CALCULATION 4) JOURNAL ENTRIES 2018 2019 2020 DR CR 2018 Pre-tax Income Pre-tax income Municpal Bond interest Meals & Entertainment Federal Penalites Description Income Tax Expense Deferred Taxes Income Tax Payable 2019 145,000 12,000 6,000 30,000 145,000 10,000 4,000 2020 145,000 18,000 8,000 10,000 Period 2018 2018 2018 Total Permanent Differences Muni Meals Penalties Subtotal DR CR Installment income Enacted Tax Rate 20,000 21% 20,000 21% Description Income Tax Expense Deferred Taxes Income Tax Payable Period 2019 2019 2019 21% Adjusted Pre-tax Income NOTES: 1) Installment Income: Sale of property for $40 million completed in 2018 but cash collected in 2019 and 2020. Total Enacted Tax Rate DR CR 2) Meals & Entertainment: IRS allows only 50% of meals & entertainment expenses to be deducted for income tax purposes. Tax Expense $ S Description Income Tax Expense Deferred Taxes Period 2020 2020 2020 REQUIREMENTS Effective Tax Rate #DIV/0! #DIV/0! #DIV/0! Income Tax Payable Total 1) Calculate the Effective Interest Rate: Calculate the effective interest rate 2) & 3) DEFERRED TAXES & INCOME TAXES PAYABLE for all years. Remember to take into account the permanent differences and list them out. 2018 2020 5) T-ACCOUNTS 2019 Deferred Taxes DR CR Income Tax Payable DR CR 2) Calculate Deferred Taxes & Income Tax Payable: Calculate the deferred taxes and related Income Tax Payable for each year. 2018 Pre-tax Income Permanent Differences Temporary Difference Taxable income-Tax Return 3) Calculate/Determine Income Tax Expense: Calculate/ Determine Income tax expense for each year. 2019 2020 Total 2018 2019 2020 Total Enacted Tax Rate 4) Record journal Entries: Record the journal entries for each period. Tax Payable $ $ $ Check 5) Update Accounts: Record journal entries to the correct T-Accounts for each period. DR CR Deferred Taxes $ $ $ 6) Complete Provision for Income Tax Footnote: Complete Provision for Income Taxes footnote for all periods. Income Tax Expense DR CR 2018 2019 2020 Total 2018 2019 2020 Total 7) Complete Deferred Taxes: Complated deferred tax footnote for all 6) PROVISION FOR INCOME TAX 7) DEFERRED TAX F LEGEND Calculated field Data Input 2018 2019 2020 2018 2019 2020 Current Provision Deferred Total Provision Deferred Tax Assets Deferred Tax Liabilities Net Deferred Tax $ $ $ $ $ - $ 1) EFFECTIVE TAX RATE CALCULATION 2018 4) JOURNAL ENTRIES 2019 2020 DR CR Pre-tax Income Description Income Tax Expense Deferred Taxes Income Tax Payable Period 2018 2018 2018 Total Permanent Differences Muni Meals Penalties Subtotal DR CR Description Income Tax Expense Deferred Taxes Income Tax Payable Period 2019 2019 2019 Total Adjusted Pre-tax Income Enacted Tax Rate DR CR Tax Expense $ $ Description Income Tax Expense Deferred Taxes Income Tax Payable Period 2020 2020 2020 Total Effective Tax Rate #DIV/0! #DIV/0! #DIV/0! 2) & 3) DEFERRED TAXES & INCOME TAXES PAYABLE 2019 5) T-ACCOUNTS 2018 2020 Deferred Taxes DR Income Tax Payable DR CR CR Pre-tax Income Permanent Differences Temporary Difference Taxable income- Tax Return 2018 2019 2020 2018 2019 2020 Total Total Enacted Tax Rate Tax Payable Check $ $ Income Tax Expense CR DR DR CR Deferred Taxes $ $ 2018 2019 2020 Total 2018 2019 2020 Total 6) PROVISION FOR INCOME TAX 7) DEFERRED TAX 2018 2019 2020 2018 2019 2020 Current Provision Deferred Total Provision Deferred Tax Assets Deferred Tax Liabilities Net Deferred Tax S $ $ $ Kent Land Management reported pre tax income and related information as outlined below for 2018 through 2020 (all items are in thousands) 2020 Pre-tax income Municpal Bond interest Meals & Entertainment Federal Penalites 2018 145,000 10,000 4,000 2019 145,000 12,000 6,000 30,000 145,000 18,000 8,000 10,000 Installment income Enacted Tax Rate 20,000 21% 20,000 21% 21% NOTES: 1) Installment Income: Sale of property for $40 million completed in 2018 but cash collected in 2019 and 2020. 2) Meals & Entertainment: IRS allows only 50% of meals & entertainment expenses to be deducted for income tax purposes. REQUIREMENTS 1) Calculate the Effective Interest Rate: Calculate the effective interest rate for all years. Remember to take into account the permanent differences and list them out. 2) Calculate Deferred Taxes & Income Tax Payable: Calculate the deferred taxes and related Income Tax Payable for each year. 3) Calculate/Determine Income Tax Expense: Calculate/ Determine Income tax expense for each year. 4) Record journal Entries: Record the journal entries for each period. 5) Update Accounts: Record journal entries to the correct T-Accounts for each period. 6) Complete Provision for Income Tax Footnote: Complete Provision for Income Taxes footnote for all periods. 7) Complete Deferred Taxes: Complated deferred tax footnote for all Kent Land Management reported pre tax income and related information as 1) outlined below for 2018 through 2020 (all items are in thousands) EFFECTIVE TAX RATE CALCULATION 4) JOURNAL ENTRIES 2018 2019 2020 DR CR 2018 Pre-tax Income Pre-tax income Municpal Bond interest Meals & Entertainment Federal Penalites Description Income Tax Expense Deferred Taxes Income Tax Payable 2019 145,000 12,000 6,000 30,000 145,000 10,000 4,000 2020 145,000 18,000 8,000 10,000 Period 2018 2018 2018 Total Permanent Differences Muni Meals Penalties Subtotal DR CR Installment income Enacted Tax Rate 20,000 21% 20,000 21% Description Income Tax Expense Deferred Taxes Income Tax Payable Period 2019 2019 2019 21% Adjusted Pre-tax Income NOTES: 1) Installment Income: Sale of property for $40 million completed in 2018 but cash collected in 2019 and 2020. Total Enacted Tax Rate DR CR 2) Meals & Entertainment: IRS allows only 50% of meals & entertainment expenses to be deducted for income tax purposes. Tax Expense $ S Description Income Tax Expense Deferred Taxes Period 2020 2020 2020 REQUIREMENTS Effective Tax Rate #DIV/0! #DIV/0! #DIV/0! Income Tax Payable Total 1) Calculate the Effective Interest Rate: Calculate the effective interest rate 2) & 3) DEFERRED TAXES & INCOME TAXES PAYABLE for all years. Remember to take into account the permanent differences and list them out. 2018 2020 5) T-ACCOUNTS 2019 Deferred Taxes DR CR Income Tax Payable DR CR 2) Calculate Deferred Taxes & Income Tax Payable: Calculate the deferred taxes and related Income Tax Payable for each year. 2018 Pre-tax Income Permanent Differences Temporary Difference Taxable income-Tax Return 3) Calculate/Determine Income Tax Expense: Calculate/ Determine Income tax expense for each year. 2019 2020 Total 2018 2019 2020 Total Enacted Tax Rate 4) Record journal Entries: Record the journal entries for each period. Tax Payable $ $ $ Check 5) Update Accounts: Record journal entries to the correct T-Accounts for each period. DR CR Deferred Taxes $ $ $ 6) Complete Provision for Income Tax Footnote: Complete Provision for Income Taxes footnote for all periods. Income Tax Expense DR CR 2018 2019 2020 Total 2018 2019 2020 Total 7) Complete Deferred Taxes: Complated deferred tax footnote for all 6) PROVISION FOR INCOME TAX 7) DEFERRED TAX F LEGEND Calculated field Data Input 2018 2019 2020 2018 2019 2020 Current Provision Deferred Total Provision Deferred Tax Assets Deferred Tax Liabilities Net Deferred Tax $ $ $ $ $ - $ 1) EFFECTIVE TAX RATE CALCULATION 2018 4) JOURNAL ENTRIES 2019 2020 DR CR Pre-tax Income Description Income Tax Expense Deferred Taxes Income Tax Payable Period 2018 2018 2018 Total Permanent Differences Muni Meals Penalties Subtotal DR CR Description Income Tax Expense Deferred Taxes Income Tax Payable Period 2019 2019 2019 Total Adjusted Pre-tax Income Enacted Tax Rate DR CR Tax Expense $ $ Description Income Tax Expense Deferred Taxes Income Tax Payable Period 2020 2020 2020 Total Effective Tax Rate #DIV/0! #DIV/0! #DIV/0! 2) & 3) DEFERRED TAXES & INCOME TAXES PAYABLE 2019 5) T-ACCOUNTS 2018 2020 Deferred Taxes DR Income Tax Payable DR CR CR Pre-tax Income Permanent Differences Temporary Difference Taxable income- Tax Return 2018 2019 2020 2018 2019 2020 Total Total Enacted Tax Rate Tax Payable Check $ $ Income Tax Expense CR DR DR CR Deferred Taxes $ $ 2018 2019 2020 Total 2018 2019 2020 Total 6) PROVISION FOR INCOME TAX 7) DEFERRED TAX 2018 2019 2020 2018 2019 2020 Current Provision Deferred Total Provision Deferred Tax Assets Deferred Tax Liabilities Net Deferred Tax S $ $ $ Kent Land Management reported pre tax income and related information as outlined below for 2018 through 2020 (all items are in thousands) 2020 Pre-tax income Municpal Bond interest Meals & Entertainment Federal Penalites 2018 145,000 10,000 4,000 2019 145,000 12,000 6,000 30,000 145,000 18,000 8,000 10,000 Installment income Enacted Tax Rate 20,000 21% 20,000 21% 21% NOTES: 1) Installment Income: Sale of property for $40 million completed in 2018 but cash collected in 2019 and 2020. 2) Meals & Entertainment: IRS allows only 50% of meals & entertainment expenses to be deducted for income tax purposes. REQUIREMENTS 1) Calculate the Effective Interest Rate: Calculate the effective interest rate for all years. Remember to take into account the permanent differences and list them out. 2) Calculate Deferred Taxes & Income Tax Payable: Calculate the deferred taxes and related Income Tax Payable for each year. 3) Calculate/Determine Income Tax Expense: Calculate/ Determine Income tax expense for each year. 4) Record journal Entries: Record the journal entries for each period. 5) Update Accounts: Record journal entries to the correct T-Accounts for each period. 6) Complete Provision for Income Tax Footnote: Complete Provision for Income Taxes footnote for all periods. 7) Complete Deferred Taxes: Complated deferred tax footnote for all