1. The following information is for Z Corps first year of operations. Amounts are in millions of dollars. The enacted tax rate is 25%.

Year Future

Future Taxable Amounts Amount

2021 2022 2023 2024 2025 Total

Accounting income $80 88 75 63 58

Temporary difference:

Depreciation Expense (12) $ 4 $ 3 $ 3 $ 2 $ 12

Taxable income $ 68

Required:

Prepare the journal entries to record the income tax expense for each year.