Prepare the journal entry to record income taxes in $2024,$ assuming full recognition of the tax benefits in the financial statements of both

differences between pretax accounting income and taxable income.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Enter your answers in

millions $($i$.$e$.,10,000,000$ should be entered as $10).$

Journal entry worksheet

Record $2024$ income taxes.

Note: Enter debits before credits. Complete this question by entering your answers in the tabs below.

Req $1$ to $3$

Prepare the journal entry to record income taxes in $2024,$ assuming the recognition of the tax benefits in the financial statements you

indicated in requirements $1-3.$

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Enter your answers in

millions $($i$.$e$.,10,000,000$ should be entered as $10).$

Journal entry worksheet

Record $2024$ income taxes.

Note: Enter debits before credits.Management believes the tax position taken on the land sales has a greater than $50\%$ chance of being upheld based on its technical

merits, but the position taken on the interest has a less than $50\%$ chance of being upheld. It is further belleved that the following

likellhood percentages apply to the tax treatment of the land sales $($ $ In millions$)$:

Required:

What portion of the tax benefit of tax$-$free interest will Tru recognize on its $2024$ tax return?

What portion of the tax benefit of tax$-$free Interest will Tru recognize on its $2024$ financial statements?

$3-$a$.$ What portion of the tax on the $$60$ million Income from the plots sold on an installment basis will Tru defer on Its $2024$ tax return?

$3-$b$.$ What portion of the tax on the $$60$ million income from the plots sold on an installment basis will Tru show as a deferred tax asset

or liablitity in its $2024$ financlal statements?

Prepare the journal entry to record income taxes in $2024,$ assuming full recognition of the tax benefits in the financial statements of

both differences between pretax accounting income and taxable income.

Prepare the journal entry to record income taxes in $2024,$ assuming the recognition of the tax benefits in the financial statements

you indicated in requirements $1-3.$

Complete this question by entering your answers in the tabs below.

Req $1$ to $3$

to $3.$ What portion of the tax benefit of tax$-$free interest will Tru recognize on its $2024$ tax return and financial statements?

What portion of the tax on the $$60$ million income from the plots sold on an installment basis will Tru defer on its $2024$ tax

return and deferred tax asset or liability in its $2024$ financial statements?

Note: Enter your answers in millions $($i$.$e$.,10,000,000$ should be entered as $10).$