Johnny Bravo Company began operations in 2015 and has provided the following information.

Pretax financial income for 2015 is $100,000.

The tax rate enacted for 2015 and future years is 40%.

Differences between the 2015 income statement and tax return are listed below.

Warranty expense accrued for financial reporting purposes amounts to $5,000. Warranty deductions per the tax return amount to $2,000.

Gross profit on construction contracts using the percentage-of-completion method for book purposes amounts to $92,000. Gross profit on construction contracts for tax purposes amounts to $62,000.

Depreciation of property, plant, and equipment for financial reporting purposes amounts to $60,000.

Depreciation of these assets amounts to $80,000 for the tax return.

A $3,500 fine paid for violation of pollution laws was deducted in computing pretax financial income.

Interest revenue earned on an investment in tax-exempt municipal bonds amounts to $1,400. Taxable income is expected for the next few years.

Excel Template

Prepare the journal entries to record the following.
Date	Account Title				Amount	Amount
	Account Title
Provide a one line explanation for the reason why the journal entry has been made.
Date	Account Title				Amount	Amount
	Account Title
Provide a one line explanation for the reason why the journal entry has been made.
Date	Account Title				Amount	Amount
	Account Title
Provide a one line explanation for the reason why the journal entry has been made.
Date	Account Title				Amount	Amount
	Account Title
Provide a one line explanation for the reason why the journal entry has been made.
Date	Account Title				Amount	Amount
	Account Title
Provide a one line explanation for the reason why the journal entry has been made.
Date	Account Title				Amount	Amount
	Account Title
Provide a one line explanation for the reason why the journal entry has been made.