The following facts relate to Nash Corporation 1 Deferred tax liability, January 1, 2017, $43,200 2 Deferred tax asset, January 1, 2017, $0 3 Taxable income for 2017, $102,600 4 Pretax financial income for 2017, $216,000 5 Cumulative temporary difference at December 31, 2017, giving rise to future taxable amounts, $259,200 6 Cumulative temporary difference at December 31, 2017, giving rise to future deductible amounts, $37,800 7 Tax rate for all years, 40 8 The company is expected to operate profitably in the future Compute income taxes payable for 2017 (Round answer to the nearest dollar amount, e g $1,525 ) Income taxes payable $ SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2017 (Credit account titles are automatically indented when amount is entered Do not indent manually If no entry is required, select No Entry for the account titles and enter 0 for the amounts Round answers to the nearest dollar amount, e g $1,525 ) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Prepare the income tax expense section of the income statement for 2017, beginning with the line Income before income taxes (Enter loss using either a negative sign preceding the number e g 45 or parentheses e g (45) ) Nash Corporation Income Statement (Partial) December 31, 2017For the Year Ended December 31, 2017For the Quarter Ended December 31, 2017 CurrentDeferredDividendsExpensesIncome before Income TaxesIncome Tax ExpenseNet Income (Loss)Retained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues $ CurrentDeferredDividendsExpensesIncome before Income TaxesIncome Tax ExpenseNet Income (Loss)Retained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues Current Deferred Dividends Expenses Income before Income Taxes Income Tax Expense Net Income (Loss) Retained Earnings, January 1 Retained Earnings, December 31 Revenues Total Expenses Total Revenues $ Current Deferred Dividends Expenses Income before Income Taxes Income Tax Expense Net Income (Loss) Retained Earnings, January 1 Retained Earnings, December 31 Revenues Total Expenses Total Revenues CurrentDeferredDividendsExpensesIncome before Income TaxesIncome Tax ExpenseNet Income (Loss)Retained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues $ Click if you would like to Show Work for this question Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Question Attempts 0 of 3 used SAVE FOR LATER SUBMIT ANSWER

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The following facts relate to Nash Corporation. 1. Deferred tax liability, January 1, 2017, $43,200. 2. Deferred tax asset, January 1, 2017, $0. 3. Taxable

The following facts relate to Nash Corporation.

1.		Deferred tax liability, January 1, 2017, $43,200.
2.		Deferred tax asset, January 1, 2017, $0.
3.		Taxable income for 2017, $102,600.
4.		Pretax financial income for 2017, $216,000.
5.		Cumulative temporary difference at December 31, 2017, giving rise to future taxable amounts, $259,200.
6.		Cumulative temporary difference at December 31, 2017, giving rise to future deductible amounts, $37,800.
7.		Tax rate for all years, 40%.
8.		The company is expected to operate profitably in the future.

Compute income taxes payable for 2017. (Round answer to the nearest dollar amount, e.g. $1,525.)

Income taxes payable

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Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to the nearest dollar amount, e.g. $1,525.)

Account Titles and Explanation	Debit	Credit

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Prepare the income tax expense section of the income statement for 2017, beginning with the line Income before income taxes. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Nash Corporation Income Statement (Partial) December 31, 2017For the Year Ended December 31, 2017For the Quarter Ended December 31, 2017
CurrentDeferredDividendsExpensesIncome before Income TaxesIncome Tax ExpenseNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues		$
CurrentDeferredDividendsExpensesIncome before Income TaxesIncome Tax ExpenseNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues
Current Deferred Dividends Expenses Income before Income Taxes Income Tax Expense Net Income / (Loss) Retained Earnings, January 1 Retained Earnings, December 31 Revenues Total Expenses Total Revenues	$
Current Deferred Dividends Expenses Income before Income Taxes Income Tax Expense Net Income / (Loss) Retained Earnings, January 1 Retained Earnings, December 31 Revenues Total Expenses Total Revenues

CurrentDeferredDividendsExpensesIncome before Income TaxesIncome Tax ExpenseNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues		$