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The information that follows pertains to Esther Food Products: a. At December 31, 2021, temporary differences were associated with the following future taxable (deductible) amounts
The information that follows pertains to Esther Food Products: a. At December 31, 2021, temporary differences were associated with the following future taxable (deductible) amounts Depreciation Prepaid expenses Warranty expenses $ 38,000 14, cea (11,898) b. No temporary differences existed at the beginning of 2021. c. Pretax accounting income was $53,000 and taxable income was $12,000 for the year ended December 31, 2021. d. The tax rate is 25%. Required: Complete the following table given below and prepare the appropriate journal entry to record income taxes for 2021 Calculation General Journal Complete the following table glven below to record income taxes for 2021. (Negative amounts should be entered with a minus sign Tax Rate Tax S Recorded as: Pretax accounting income Permanent differences 53,000 Income subject to taxation Temporary Differences X x X Income taxable in current year X laten General Journal > Journal entry worksheet Record 2021 Income taxes. Note: Enter debits before credits. General Journal Debit Credit Transaction 1 Record entry Clear entry View general journal
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