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The Deville Company reported pretax accounting income on its income statement as follows: 2018 2019 2020 2021 $375,000 295,000 365,000 405,000 Included in the income
The Deville Company reported pretax accounting income on its income statement as follows: 2018 2019 2020 2021 $375,000 295,000 365,000 405,000 Included in the income of 2018 was an installment sale of property in the amount of $38,000. However, for tax purposes, Deville reported the income in the year cash was collected. Cash collected on the installment sale was $15.200 in 2019, $19.000 in 2020, and $3,800 in 2021 Included in the 2020 income was $14.000 interest from investments in municipal bonds. The enacted tax rate for 2018 and 2019 was 30%, but during 2019 new tax legislation was passed reducing the tax rate to 25% for the years 2020 and beyond. Required: Prepare the year-end journal entries to record income taxes for the years 2018-2021. (if no entry is required for a transaction/event. select "No journal entry required" in the first account field.) Journal entry worksheet
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