Part $1$ of $6$

Points: $0$ of $1$

Question list

Question $1$

Question $2$

Question $3$

Question $4$

Question $5$

Question $6$

Requirements

a$.$ Prepare the journal entries required to record the tax provision for all $3$ years, as well as the journal entry needed to record the effect of the tax rate change on any deferred tax accounts.

b$.$ Determine the net income reported on the income statement for all $3$ years.

c$.$ Prepare the footnote, in dollars and percentages, required to reconcile the company's federal statutory income tax rate with its effective tax rate.

Wellington Construction Equipment Manufacturers engaged in an installment sale with one of its major customers. The firm negotiated the terms of the installment sale for a specialized piece of equill payment is required within $3$ years. We present information related to Wellington's first $3$ years of operation:

$($Click the icon to view the data.$)($Assume the municipal bond interest income is not included in income before tax and taxable income.$)$

Read the requirements.

Requirement a$.$ Prepare the journal entries required to record the tax provision for all $3$ years, as well as the journal entry needed to record the effect of the tax rate change on any deferred tax accounts. $($Record debits first, then credits. Exclude explanations from any journal entries.$)$

Begin with the journal entry required to record the tax provision for Year

$\backslash$table$[[$Account$,$