the following information is available for xyz company limited. All differences between book income and taxable income are related to depreciation( a timing difference) tax rate is 20%

BOOK TAX

DEC. 31, 2017 100,000 70,000

DEC. 31 2018 100,000 100,000

DEC. 31 2019 100,000 130,000

Record the journal entries for taxes for each of the three years

2. KMA construction has the following contract:

contract price $1,000,000

date cost incurred cost to complete

DEC.31 2017 250,000 600,000

DEC. 31 2018 350,000 250,000

DEC.31 2019 300,000 -

850,000

Billings Cash received

DEC.31 2017 250,000 200,000

DEC. 31 2018 400,000 350,000

DEC.31 2019 350,000 450,000

1,000,000 1000,000

required: 1. Prepare a % of completion schedule for three years

2. Prepare journal entries for 3 years