Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please help The Deville Company reported pretax accounting income on its income statement as follows: 2021 2022 2023 2024 $385.000 315.000 35,000 425,000 Included in
please help
The Deville Company reported pretax accounting income on its income statement as follows: 2021 2022 2023 2024 $385.000 315.000 35,000 425,000 Included in the income of 2021 was an installment sale of property in the amount of $46,000. However, for tax purposes, Deville reported the income in the year cash was collected. Cash collected on the installment sale was $18.400 in 2022. $23.000 in 2023, and $4,600 in 2024 Included in the 2023 income was $19.000 interest from investments in municipal governmental bonds The enacted tax rate for 2021 and 2022 was 40%, but during 2022, new tax Ingislation 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.it no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction laut Journal entry worksheet > Record 2021 income taxes. Nota: Eiter debit before credits Crede Date General Journal Dec 31, 2021 Income tax expense Income tax payable Debit 158.000 18.400 139,000 Record entry Clear entry View general Journal The Deville Company reported pretax accounting income on its income statement as follows: 2021 2022 2025 2024 $395.000 315.000 185.000 125.000 Included in the income of 2021 was an installment sale of property in the amount of $46,000. However, for tax purposes, Devale reported the income in the year cash was collected Cash collected on the installment sale was $18.400 in 2022. $23.000 in 2023, and $4.600 in 2024 Included in the 2023 Income was $19.000 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. Of no entry is required for a transaction event. select "No journal entry required in the first account field.) View transactional Journal entry worksheet Record 2022 income taxes. Note: Ester debit before credits General Journal Debit Credit Date Dec 31, 2022 Record entry Clear entry View general Journal The Deville Company reported pretax accounting income on its income statement as follows: 2021 2022 2023 2024 $395.000 915,000 75,000 425.000 Included in the income of 2021 was an installment sale of property in the amount of $46,000. However, for tax purposes, Devile reported the income in the year cash was collected Cash collected on the installment sale was $18.400 in 2022 $23.000 in 2023 and $4,600 in 2024 Included in the 2022 income was $19.000 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. (it no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction lit Journal entry worksheet > Record 2023 Income taxes. Note: Enter debita belpre credite General Journal Debit Credik Date Dec 31, 2023 Record entry Clear entry View general Journal The Deville Company reported pretax accounting income on its income statement as follows: 2021 2022 2023 2024 $395.000 315.000 325,000 425,000 Included in the income of 2021 was an installment sale of property in the amount of $46,000. However, for tax purposes, Deville reported the income in the year cash was collected Cash collected on the installment sale was $18.400 in 2022, $23.000 in 2023, and $4,600 in 2024. Included in the 2023 income was $19.000 interest from investments in municipal governmental bonds The enacted tax rate for 2021 and 2022 was 40%, but during 2022 new tnx 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.) View transactions Journal entry worksheet > Record 2024 Income taxes Note: Enter debits before credits General Journal Debil Credit Date Dec 31, 2024 Record entry Clear entry View general Journal 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