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The following information is available for Stellar Corporation for 2019 (its first year of operations). 1. Excess of tax depreciation over book depreciation, $37,200. This
The following information is available for Stellar Corporation for 2019 (its first year of operations). 1. Excess of tax depreciation over book depreciation, $37,200. This $37,200 difference will reverse equally over the years 2020-2023. 2. Deferral, for book purposes, of $21,400 of rent received in advance. The rent will be recognized in 2020. 3. Pretax financial income, $274,100. 4. Tax rate for all years, 20%. Compute taxable income for 2019. Taxable income $ e Textbook and Media List of Accounts Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2019. (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 for the amounts.) Account Titles and Explanation Debit Credit eTextbook and Media List of Accounts Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020, assuming taxable income of $312,200. (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 for the amounts.) Account Titles and Explanation Debit Credit eTextbook and Media List of Accounts
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