PRINTER VERSION BACK NEXT Problem 19-02 (Part Level Submission) The pretax financial income of Culver Company differs from its taxable income throughout each of 4 years as follows. Pretax Year Financial Income Taxable Income Tax Rate 2020 $282,000 $176,000 35 % 2021 323,000 222,000 20% 2022 385,000 237,000 20% 2023 454,000 554,000 Pretax financial income for each year includes a nondeductible expense of $27,900 (never deductible for tax purposes). The remainder of the difference between pretax financial income and taxable income in each period is due to one depreciation temporary difference. No deferred income taxes existed at the beginning of 2020. 20% (a) your answer is partially correct. Try again Prepare foumal entries to record income taxes in all 4 years. Assume that the change in the tax rate to 20% was not enacted until the beginning of 2021. (Credit account titres are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) Date Account Titles and Explanation Debit Credit 2020 Income Tax Expense 108,465 Deferred Tax Liability 46,865 Income Tax Payable 61,600 Poly 2009 Date Account Titles and Explanation Debit Credit 2020 Income Tax Expense 108,465 Deferred Tax Liability 46,865 Income Tax Payable 61,600 2021 Deferred Tax Liability 20,085 20,085 Income Tax Expense (To record the adjustment for the decrease in the enacted tax rate.) Income Tax Expense 59,020 Deferred Tax Liability 14,620 Income Tax Payable (To record income taxes for 2021.) 44,400 2022 Income Tax Expense 71,420 X Deferred Tax Liability KED 24,020 Income Tax Payable 47.400 20237 Income Tax Expense 85,220 vacy Policy 1 2000-202 Iohn W Income Tax Payable 61,600 2021 (Deferred Tax Liability 20,085 20,085 Income Tax Expense (To record the adjustment for the decrease in the enacted tax rate.) Income Tax Expense 59,020 Deferred Tax Lability 14,620 44,400 Income Tax Payable (To record income taxes for 2021.) 2022 Income Tax Expense 71,420 Deferred Tax Liability 24,020 Income Tax Payable 47,400 2023 Income Tax Expense 85,220 Deferred Tax Liability 25,580 Income Tax Payable Click if you would like to Show Work for this question: Open Show Work 110,800