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Skysong Corporation has one temporary difference at the end of 2020 that will reverse and cause taxable amounts of $56,400 in 2021, $61,800 in 2022,

Skysong Corporation has one temporary difference at the end of 2020 that will reverse and cause taxable amounts of $56,400 in 2021, $61,800 in 2022, and $66,400 in 2023. Skysongs pretax financial income for 2020 is $278,300, and the tax rate is 30% for all years. There are no deferred taxes at the beginning of 2020.

Compute taxable income and income taxes payable for 2020.

Taxable income

$enter a dollar amount

Income taxes payable

$enter a dollar amount

Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020. (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

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

Prepare the income tax expense section of the income statement for 2020, beginning with the line Income before income taxes.. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
Skysong Corporation Income Statement (Partial) choose the accounting period

December 31, 2020For the Year Ended December 31, 2020For the Quarter Ended December 31, 2020

select an income statement item

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

$enter a dollar amount

select an opening section name

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

select an income statement item

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

$enter a dollar amount

select an income statement item

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

enter a dollar amount

enter a subtotal of the two previous amounts

select a closing name for this statement

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

$enter a total net income or loss amount

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