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The following Information is for Hulk Gyms first year of operations. Amounts are in millions of dollars. The enacted tax rate is 30%. Future Year

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The following Information is for Hulk Gyms first year of operations. Amounts are in millions of dollars. The enacted tax rate is 30%. Future Year Future Taxable Amounts 2018 $59.6 Accounting income Temporary diff Prepaid insurance erence: (11) $2.8 $2.8 $2.8 $2.8 $11.2 $48.4 Taxable income Required: Prepare a compound jounal entry to record the income tax expense for the yeer 2018. (f no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) View transaction list Journal entry worksheet Record the income taxes Note: Enter debits before credits Transaction Debit Credit Income tax expense ferred tax liability Income tax payable Record entry Clear entry View general journal

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