Question 5 -/1 View Policies Current Attempt in Progress Vaughn Company has the following two temporary differences between its income tax expense and income taxes payable. 2017 2018 2019 $799,000 $944,000 $951,000 Pretax financial income (29,100) (39,300) (10,200) Excess depreciation expense on tax return 19,500 9,800 8,100 Excess warranty expense in financial income $789,400 $914,500 $948,900 Taxable income The income tax rate for all years is 40% Assuming there were no temporary differences prior to 2017, prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2017, 2018, and 2019. (Credit account titles 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 0 for the amounts.) Account Titles and Explanation Credit Debit 2017 Income Tax Expense 319,600 Deferred Tax Asset 7,800 Income Tax Payable 315,760 Deferred Tax Liability 11,640 2018 Income Tax Expense 377,600 Deferred Tax Asset 3,920 Income Tax Payable 365,800 Deferred Tax Liability 15,720 2019 Income Tax Expense 380,400 Deferred Tax Asset 3,240 Income Tax Payable 379,560 Deferred Tax Liability 4,080 List of Accounts Indicate how deferred taxes will be reported on the 2019 balance sheet. Vaughn's product warranty is for 12 months. Vaughn Company Balance Sheet December 31,2019 $ def Prepare the income tax expense section of the income statement for 2019, beginning with the line "Pretax financial income." (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Vaughn Company Income Statement (Partial) For the Year Ended December 31, 2019 V $ Pretax Financial Income V Income Tax Expense V $ $ Net Income/(Loss)