LUS kiego, Intermediate Accounting, 17e Help System Announcements RCES PRINTER VERSION BACK MENT CALOLATOR Exercise 19-11 At the end of 2019, Concord Company has $179,300 of cumulative temporary differences that will result in reporting the following future taxable amounts 2020 $61,100 2021 47,800 2022 41.600 2023 28.800 5179.300 ady Tax rates enacted as of the beginning of 2018 are: 2018 and 2019 40 % 2020 and 2021 30 % 2022 and later 25 % Concord's taxable income for 2019 is $317.800. Taxable income is expected in all future years. (a) Prepare the journal entry for Concord to record income taxes payable, deferred income taxes, and income tax expense for 2019, assuming that there were no deferred taxes at the end of 2016, (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit (6) Prepare the journal entry for Concord to record income taxes payable, deferred Income taxes, and income tax expense for 2019, assuming that there was a balance of $22,900 in a Deferred Tax Liability account at the end of 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit o LUS kleso, Intermediate Accounting, 17 CALCULATOR PRINTER VERSION 4 BACK NEXT. RCES Account Titles and Explanation Debit Credit dy (b) Prepare the journal entry for Concord to record income taxes payable, deferred income taxes, and income tax expense for 2019, assuming that there was a balance of $22,900 in a Deferred Tax Liability account at the end of 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account ties and enter for the amounts.) Account Tities and Explanation Debit Credit Click if you would like to show Work for this question Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT By accessing this Question Assistance, you will learn while you earn points based on the Point Potential policy set by your instructor. SUBMIT ANSWER Question Attempts: 0 of 3 used SAVE FOR LATER % Earn Maximum Points available only if you answer this question correctly in three attempts or less LUS kiego, Intermediate Accounting, 17e Help System Announcements RCES PRINTER VERSION BACK MENT CALOLATOR Exercise 19-11 At the end of 2019, Concord Company has $179,300 of cumulative temporary differences that will result in reporting the following future taxable amounts 2020 $61,100 2021 47,800 2022 41.600 2023 28.800 5179.300 ady Tax rates enacted as of the beginning of 2018 are: 2018 and 2019 40 % 2020 and 2021 30 % 2022 and later 25 % Concord's taxable income for 2019 is $317.800. Taxable income is expected in all future years. (a) Prepare the journal entry for Concord to record income taxes payable, deferred income taxes, and income tax expense for 2019, assuming that there were no deferred taxes at the end of 2016, (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit (6) Prepare the journal entry for Concord to record income taxes payable, deferred Income taxes, and income tax expense for 2019, assuming that there was a balance of $22,900 in a Deferred Tax Liability account at the end of 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit o LUS kleso, Intermediate Accounting, 17 CALCULATOR PRINTER VERSION 4 BACK NEXT. RCES Account Titles and Explanation Debit Credit dy (b) Prepare the journal entry for Concord to record income taxes payable, deferred income taxes, and income tax expense for 2019, assuming that there was a balance of $22,900 in a Deferred Tax Liability account at the end of 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account ties and enter for the amounts.) Account Tities and Explanation Debit Credit Click if you would like to show Work for this question Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT By accessing this Question Assistance, you will learn while you earn points based on the Point Potential policy set by your instructor. SUBMIT ANSWER Question Attempts: 0 of 3 used SAVE FOR LATER % Earn Maximum Points available only if you answer this question correctly in three attempts or less