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Taxable income and pretax financial income would be identical for Huber Co . except for its treatments of gross profit on Installiment sales and estimated
Taxable income and pretax financial income would be identical for Huber Co except for its treatments of gross profit on Installiment sales and estimated costs of warranties. The following income computations have been prepared.
The tax rates in effect are and All tax rates were enacted into law on January No deferred income taxes existed at the beginning of Taxable income is expected in all future years.
Prepare the journal entries to record income tax expense, deferred income taxes, and income taxes payable for and List all debit entries before credit entries. Credit acocurit dites are autonatically indented when amount is entered. Do not indent manually. If no entry is required, select No Entry" for the account thes and enter of for the anounts
Date Account Titles and Explanation
Income Tax Expense
Deferred Tax Asset
Income Tax Payable
Deferred Tax Liability
Income Tax Expense
Deferred Tax Liability
Debit
Credit
Credit
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