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please help! QUESTION 1 Hunt Co. at the end of 2018, its first year of operations, prepared a reconciliation between pretax financial income and taxable
please help! QUESTION 1 Hunt Co. at the end of 2018, its first year of operations, prepared a reconciliation between pretax financial income and taxable income as follows: Pretax financial income Estimated warranty expenses deductible for taxes when paid Extra depreciation Taxable income $ 950,000 1,200,000 (1.950,000) $ 200.000 Pretax financial income in 2019 was $1,240,000. Actual warranty expenses were $800,000 higher than estimated warranty expenses, in addition taxable depreciation was $650,000 lower than financial statement depreciation in 2019. The tax rate was 30 percent in both years. Required: Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2018 and 2019
please help!
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