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The information that follows pertains to Julia Company: Temporary differences for the year 2021 are summarized below. Expenses deducted in the tax return, but not
The information that follows pertains to Julia Company: Temporary differences for the year 2021 are summarized below. Expenses deducted in the tax return, but not included in the income statement: Depreciation Prepaid expense $ 66,000 $ 8,600 Expenses reported in the income statement, but not deducted in the tax return: Warranty expense $9,600 (b.) No temporary differences existed at the beginning of 2021. (c.) Pretax accounting income was $73,600 and taxable income was $8,600 for 2021. (d.) There were no permanent differences. (e.) The tax rate is 35%. Required: Prepare the journal entry to record the tax provision for 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list X 1 Record the income taxes. > Credit Note : = journal entry has been entered Record entry Clear entry View general journal
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