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Lance Lawn Services reports warranty expense by estimating the amount that eventually will be paid to satisfy warranties on its product sales For tax purposes,

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Lance Lawn Services reports warranty expense by estimating the amount that eventually will be paid to satisfy warranties on its product sales For tax purposes, the expense is deducted when the warranty work is completed At December 31, 2021. Cance has a warranty ability of $2 million and taxable income of 585 million At December 31, 2020, Lance reported a deferred tax asset of $463.000 related to his difference in reporting warranties, its only temporary difference. The enacted tax rate is 25 each yea. Required: Prepare the appropriate journal entry to record Lance's income tax provision for 2021 elf no entry is required for a transaction/event, select "No journal entry required in the first account field. Enter your answers in whole dollars) Journal entry worksheet 1 Record 2021 income taxes Note: Enter detta belore credits General Journal Dobe 1 Recor Clear entry View general journal

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