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Marin Corporation reports pretax financial income of $265,900 for 2020 . The following items cause taxable income to be different than pretax financial income. 1.
Marin Corporation reports pretax financial income of $265,900 for 2020 . The following items cause taxable income to be different than pretax financial income. 1. Rental income on the income statement is less than rent collected on the tax return by $64,100. 2. Depreciation on the tax return is greater than depreciation on the income statement by $41,200. 3. Interest on an investment in a municipal bond of $8,000 on the income statement. Marin' tax rate is 30% for all years, and the company expects to report taxable income in all future years. There are no deferred taxes at the beginning of 2020 . Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020 . (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 0 for the amounts.)
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