The following information relates to Windsor Corp.:

Accounting income for the year ended June $30,2023$ was $$68,800.$ No permanent differences existed during the fiscal year. The

company was expected to operate profitably in the future. The tax rate was $20\%$ for the current and future years. Windsor Corp.

follows ASPE.

$($a$)$

Your Answer

Calculate the amount of taxable income for $2023.$

Taxable Income for $2023$$

$($b$)$

Prepare the journal entries to record income taxes for $2023.($Credit account titles are automatically indented when the 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. List all debit

entries before credit entries.$)$

Account Titles and Explanation

Debit

Credit

Current Tax Expense

Income Tax Payable

$($To record current tax expense$)$

$($To record future tax expense$)$

CALCULATE THE EFFECTIVE RATE FOR $2023.$