Sheffield Corporation began 2017 with a $98,000 balance in the Deferred Tax Liability account At the end of 2017, the related cumulative temporary difference amounts to $324,200, and it will reverse evenly over the next 2 years Pretax accounting income for 2017 is $493,800, the tax rate for all years is 40 , and taxable income for 2017 is $414,600 Compute income taxes payable for 2017 Income taxes payable $ Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2017 (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 Debit Credit Prepare the income tax expense section of the income statement for 2017 beginning with the line Income before income taxes (Enter loss using either a negative sign preceding the number e g 45 or parentheses e g (45) ) Sheffield Corporation Income Statement (Partial) December 31, 2017For the Year Ended December 31, 2017For the Quarter Ended December 31, 2017 CurrentDeferredDividendsExpensesIncome before Income TaxesIncome Tax ExpenseNet Income (Loss)Retained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues $ CurrentDeferredDividendsExpensesIncome before Income TaxesIncome Tax ExpenseNet Income (Loss)Retained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues Current Deferred Dividends Expenses Income before Income Taxes Income Tax Expense Net Income (Loss) Retained Earnings, January 1 Retained Earnings, December 31 Revenues Total Expenses Total Revenues $ Current Deferred Dividends Expenses Income before Income Taxes Income Tax Expense Net Income (Loss) Retained Earnings, January 1 Retained Earnings, December 31 Revenues Total Expenses Total Revenues CurrentDeferredDividendsExpensesIncome before Income TaxesIncome Tax ExpenseNet Income (Loss)Retained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues $

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Sheffield Corporation began 2017 with a $98,000 balance in the Deferred Tax Liability account. At the end of 2017, the related cumulative temporary difference amounts

Sheffield Corporation began 2017 with a $98,000 balance in the Deferred Tax Liability account. At the end of 2017, the related cumulative temporary difference amounts to $324,200, and it will reverse evenly over the next 2 years. Pretax accounting income for 2017 is $493,800, the tax rate for all years is 40%, and taxable income for 2017 is $414,600.

Compute income taxes payable for 2017.

Income taxes payable

Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2017. (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	Debit	Credit

Prepare the income tax expense section of the income statement for 2017 beginning with the line Income before income taxes.. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Sheffield Corporation Income Statement (Partial) December 31, 2017For the Year Ended December 31, 2017For the Quarter Ended December 31, 2017
CurrentDeferredDividendsExpensesIncome before Income TaxesIncome Tax ExpenseNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues		$
CurrentDeferredDividendsExpensesIncome before Income TaxesIncome Tax ExpenseNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues
Current Deferred Dividends Expenses Income before Income Taxes Income Tax Expense Net Income / (Loss) Retained Earnings, January 1 Retained Earnings, December 31 Revenues Total Expenses Total Revenues	$
Current Deferred Dividends Expenses Income before Income Taxes Income Tax Expense Net Income / (Loss) Retained Earnings, January 1 Retained Earnings, December 31 Revenues Total Expenses Total Revenues

CurrentDeferredDividendsExpensesIncome before Income TaxesIncome Tax ExpenseNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues		$