Pharoah Inc., in its first year of operations, has the following differences between the book basis and tax basis of its assets and

liabilities at the end of $2024.$

It is estimated that the warranty liability will be settled in $2025.$ The difference in equipment $($net$)$ will result in taxable amounts of

$$19,400$ in $2025,$$$27,700$ in $2026,$ and $$9,200$ in $2027.$ The company has taxable income of $$521,000$ in $2024.$ As of the beginning

of $2024,$ the enacted tax rate is $34\%$ for $2024-2026,$ and $30\%$ for $2027.$ Pharoah expects to report taxable income through $2027.$

Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for $2024.($List all

debit entries before credit entries. 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