Swingley Company uses an accelerated method to depreciate its fixed assets for tax purposes and the straight-line method for financial reporting purposes. In 2020, the accelerated method recognized depreciation of $35,000, while the straight-line method recognized depreciation of $20,000. Taxable income and net income before taxes for that year were $65,000 and $80,000, respectively.

1. If the federal income tax rate is 35 percent, prepare the journal entry recorded by Swingley to accrue its 2020 tax liability.

Required:

After completing Exercise 10-14, Part a provide the following answers in whole numbers with commas and with no decimal places or dollar signs. Negative amounts or Losses should be listed in parenthesis.

From Part a, if the federal income tax rate is 35 percent, the journal entry recorded by Swingley to accrue its 2020 tax liability would include a debit to Income Tax Expense of what amount?

From Part a, if the federal income tax rate is 35 percent, the journal entry recorded by Swingley to accrue its 2020 tax liability would include a credit to Income Taxes Payable of what amount?

From Part a, if the federal income tax rate is 35 percent, the journal entry recorded by Swingley to accrue its 2020 tax liability would include a credit to Deferred Income Tax of what amount?