Answered step by step
Verified Expert Solution
Question
1 Approved Answer
PLEASE, FILL OUT THIS TABLE BELOW. UT 5 The DeVille Company reported pretax accounting income on its income statement as follows: 10 points 2021 2022
PLEASE, FILL OUT THIS TABLE BELOW.
UT 5 The DeVille Company reported pretax accounting income on its income statement as follows: 10 points 2021 2022 2023 2024 $390,000 310,000 380,000 420,000 Included in the income of 2021 was an installment sale of property in the amount of $44,000. However, for tax purposes, DeVille reported the income in the year cash was collected. Cash collected on the installment sale was $17,600 in 2022, $22,000 in 2023, and $4,400 in 2024. Included in the 2023 income was $18,000 interest from investments in municipal governmental bonds. The enacted tax rate for 2021 and 2022 was 40%, but during 2022, new tax legislation was passed reducing the tax rate to 25% for the years 2023 and beyond. Required: Prepare the year-end journal entries to record income taxes for the years 2021-2024. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) UT 5 X Answer is not complete. No General Journal Debit Credit Date Dec 31, 2021 1 10 points Income tax expense Deferred tax liability Income tax payable 2 Dec 31, 2022 Income tax expense Deferred tax liability Income tax payable 3 Dec 31, 2023 Income tax expense Deferred tax liability Income tax payable 4 Dec 31, 2024 Income tax expense Deferred tax liability Income tax payable
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started