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

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
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