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Sandhill Company has the following two temporary differences between its income tax expense and income taxes payable. The income tax rate for all years is
Sandhill Company has the following two temporary differences between its income tax expense and income taxes payable. The income tax rate for all years is 20%. Assuming there were no temporary differences prior to 2020 , prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020, 2021, and 2022. (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 O for the amounts.) 2022 Income Tax Expense 184000 Deferred Tax Asset 1660 Deferred Tax Liability 1920 Income Tax Payable 183740 Your answer is partially correct. Indicate how deferred taxes will be reported on the 2022 balance sheet. Sandhill's product warranty is for 12 months. Sandhill Company has the following two temporary differences between its income tax expense and income taxes payable. The income tax rate for all years is 20%. Assuming there were no temporary differences prior to 2020 , prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020, 2021, and 2022. (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 O for the amounts.) 2022 Income Tax Expense 184000 Deferred Tax Asset 1660 Deferred Tax Liability 1920 Income Tax Payable 183740 Your answer is partially correct. Indicate how deferred taxes will be reported on the 2022 balance sheet. Sandhill's product warranty is for 12 months
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