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Prepare the joumal entry to record income tax expense, deferred income taxes, and income taxes payable for 2024. (List all debit. entries before crestit entries.
Prepare the joumal entry to record income tax expense, deferred income taxes, and income taxes payable for 2024. (List all debit. entries before crestit entries. Crefit dccocint tifles are outomoticolly indented when amount is entered. Do not indent manually. If no entry is requilred, seloct 'No Entry' for the occount titles and enter Ofor the amounts.) The following information is available for Wenger Corporation for 2024 (its first year of operations). 1. Excess of tax depreciation over book depreciation, $40,000. This $40,000 difference will reverse equally over the years 20252028. 2. Deferral, for book purposes, of $20,000 of rent received in advance. The rent will be recognized in 2025 3. Pretax financialincome, $300.000. 4. Tax rate for all years, 20%. (a) Compute taxable income for 2024. Question 8 of 9 Account Titles and Explanation Debit Credit Incain Tor Copente Deferced Tas Lubiary Deferme Tax Anet incoute Tar Perable
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