Taxable income and pretax financial income would he identical for Huber Co$,$ except for its treatments of gross profit on installment

sales and estimated costs of warranties. The following income computations hawe been prepared.

The tax rates in effect are $2024,20\%$; $2025$ and $2026,25\%.$ All tax rates were enacted into law on January $1,2024,$ No deferred

income taxes existed at the beginning of $2024.$ Taxable incorne is expected in all future years.

Prepare the journal entries to record income tax expense, deferred income taxes, and income taxes payable for $2024,2025,$ and $2026.$

$($List oll debit entries before credit entrles. Credit occount titles ore outomotically indented when amount is entered. Do not indent monually. If

no entry is required, select $"$No Entry" for the account titles and enter O for the amounts.$)$Date

Account Titles and Explanation

Debit

Credit

Income Tax Expense

Deferred Tax Asset

Income Tax Payable

Deferred Tax Liability

c$.31,2025vv$

Income Tax Expense

Deferred Tax Liability

Income Tax Payable

c$.31,2026vv$

Income Tax Expense

Deferred Tax Liability

Income Tax Payable

Deferred Tax Asset