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The following facts relate to Tamarisk Corporation. 1. Deferred tax liability, January 1, 2020, $49,600. 2. Deferred tax asset, January 1, 2020, $0. 3. Taxable

The following facts relate to Tamarisk Corporation.

1. Deferred tax liability, January 1, 2020, $49,600.
2. Deferred tax asset, January 1, 2020, $0.
3. Taxable income for 2020, $117,800.
4. Pretax financial income for 2020, $124,000.
5. Cumulative temporary difference at December 31, 2020, giving rise to future taxable amounts, $297,600.
6. Cumulative temporary difference at December 31, 2020, giving rise to future deductible amounts, $43,400.
7. Tax rate for all years, 20%.
8.

The company is expected to operate profitably in the future.

Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020. (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.)

Account Titles and Explanation

Debit

Credit

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

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