Novak SpA reports pretax financial income of $74,100$ for $2022.$ The following items cause taxable income to be different than pretax financial income.

Depreciation on the tax return is greater than depreciation on the income statement by $15,800.$

Rent collected on the tax return is greater than rent revenue reported on the income statement by $23,200.$

Fines for pollution appear as an expense of $11,000$ on the income statement.

Novak's 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 $2022.$

$($a$)$

Your Answer

Correct Answer $($Used$)$

Your answer is correct.

Compute taxable income and income taxes payable for $2022.$

Taxable income

$lon$

Income taxes payable

$$

$($b$)$

Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for $2022.($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.$)$

Account Titles and Explanation

Debit

Credit

$$

$$

$$

$$

Prepare the income tax expense section of the income statement for $2020,$ beginning with the line "Income before income taxes." $($Enter negative amounts using either a negative sign preceding the number e$.$g$.-45$ or parentheses e$.$g$.(45).)$

Compute the effective income tax rate for $2020.($Round answer to $1$ decimal places, e$.$g$.25\mathrm{.}5\%.)$

Effective income tax rate

$\%$

Fill in the answer boxes and do part b c please