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Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2019. (Credit account titles are outomatically indented when
Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2019. (Credit account titles are outomatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" account titles and enter 0 for the amounts.) The differences between the book basis and tax basis of the assets and liabilities of Vaughn Corporation at the end of 2019 are presented below. It is estimated that the litigation liability will be settled in 2020 . The difference in accounts receivable will result in taxable amounts 0 $31,100 in 2020 and $17,700 in 2021 . The company has taxable income of $331,000 in 2019 and is expected to have taxable income in each of the following 2 years, Its enacted tax rate is 34% for all years. This is the company's first year of operations. The operating cycle of the business is 2 years. (b) The parts of this question must be completed in order. This part will be available when you complete the part above
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