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The DeVille Company reported pretax accounting income on its income statement as follows: 2021 2022 2023 2024 $445,000 365,000 435,000 475,000 Included in the income
The DeVille Company reported pretax accounting income on its income statement as follows: 2021 2022 2023 2024 $445,000 365,000 435,000 475,000 Included in the income of 2021 was an installment sale of property in the amount of $68,000. However, for tax purposes, DeVille reported the income in the year cash was collected. Cash collected on the installment sale was $27,200 in 2022, $34,000 in 2023, and $6,800 in 2024. Included in the 2023 income was $29,000 interest from investments in municipal governmental bonds. The enacted tax rate for 2021 and 2022 was 40%, but during 2022, new tax legislation was passed reducing the tax rate to 25% for the years 2023 and beyond. Required: Prepare the year-end journal entries to record income taxes for the years 20212024. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) X Answer is not complete. No Date General Journal Debit Credit 1 Dec 31, 2021 Income tax expense 178,000 Deferred tax liability Income tax payable 27,200 150,800 2 Dec 31, 2022 Income tax expense Deferred tax liability Income tax payable 156,880 3 Dec 31, 2023 Income tax expense Deferred tax liability Income tax payable 95,500 7,000 102,500 4 Dec 31, 2024 Income tax expense Deferred tax liability Income tax payable OOO
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