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Question 14 (13 points) Ganesha Co. at the end of 2018, its first year of operations, prepared a reconciliation between pretax financial income and taxable

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Question 14 (13 points) Ganesha Co. at the end of 2018, its first year of operations, prepared a reconciliation between pretax financial income and taxable income as follows: Pretax financial income 950,000 Estimated warranty expenses deductible for taxes when paid 600,000 Extra depreciation (375.000) Taxable income 1.175,000 Estimated warranty expense of $50,000 will be deductible in 2019, $180,000 in 2020, and $120,000 in 2021. The use of the depreciable assets will result in taxable amounts of $125,000 in each of the next three years. a. Prepare a table of future taxable and deductible amounts. [5 points) b. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2018, assuming an income tax rate of 35% for all years. [8 points)

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