The accounting income of Grouper Corporation and its taxable income for the years $2020$ to $2023$ are as follows:

Year

AccountinPrepare journal entries to record income taxes in all four years. $($Credit account titles are automatically indented when the$($To record deferred tax expense$)$

$2022$

$($To record current tax expense$)$

$($To record deferred tax expense$)$

$2023$

$($To record currenPrepare the bottom of the income statement for $2021,$ beginning with the line Income before income tax. $($Enter negative amou

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The accounting income of Grouper Corporation and its taxable income for the years $2020$ to $2023$ are as follows: Year Accounting Income Taxable income Tax Rate $2020$ $$465,000$ $$300,00025\%2021423,000296,00030\%2022399,000305,00030\%2023471,000645,00030\%$ The change in the tax rate from $25\%$ to $30\%$ was not enacted until early in $2021.$ Accounting income for each year includes an expense of $$45,000$ that will never be deductible for tax purposes. The remainder of the difference between accounting income and taxable income in each period is due to one reversing difference for the depreciation of property, plant, and equipment. No deferred taxes existed at the beginning of $2020.$ Calculate the current and deferred tax expense or benefit for each of the four years. Also calculate the balance of the deferred tax balance sheet account at the end of each fiscal year from $2020$ to $2023.($Enter negative amounts using either a negative sign preceding the number e$.$g$.-45$ or parentheses e$.$g$.(45).$ Show asset and expense numbers as positive, and liability and benefit numbers as negative.$)202020212022$ Current tax expense $ $ $ Deferred tax asset$/$liability $ $ $ Deferred tax expense$/$benefit $ $ $ Prepare journal entries to record income taxes in all four years. $($Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter for the amounts.$)$ Date Account Titles and Explanation Debit Credit $2020($To record current tax expense$)($To record deferred tax expense$)2021($To record the adjustment for the increase in the enacted tax rate$)($To record current tax expense$)($To record deferred tax expense$)($To record deferred tax expense$)2022($To record current tax expense$)($To record deferred tax expense$)2023($To record current tax expense$)($To record deferred tax benefit$)$ Prepare the bottom of the income statement for $2021,$ beginning with the line "Income before income tax." $($Enter negative amounts using either a negative sign preceding the number e$.$g$.-45$ or parentheses e$.$g$.(45).)$ Grouper Corporation $($Partial$)$ Income Statement $ $ $ e Textbook and Media List of Accounts