Raleigh Corporation had pretax GAAP income of $$150,000$ and an income tax rate of $25\%.$ Raleigh had a $$3,000$ credit balance in its Deferred Tax Liability account on January $1,$ and a zero balance in its Deferred Tax Asset account on January $1.$ The company summarized the following items for the year.

Depreciation for accounting purposes, $$48,000,$ and for income tax purposes, $$66,000.$ The related fixed asset was acquired for $$240,000$ at the beginning of the year and had an estimated $5-$year life at that time.

Installment sales revenue for accounting purposes was $$48,000,$ and for income tax purposes, $$24,000.$ The collection period for the $$24,000$ receivable is the following four years with equal amounts expected each year.

Payment of life insurance premiums on executive officers totaled $$2,400$ in the year.

Record the income tax journal entry required on December $31.$

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To record the income tax journal entry required on December 31 we need to calculate the current and ... View the full answer