The Sun Devil company had the following activities causing the differences between pretax financial income and taxable income 1. On January 1, 2021, the company collected $450,000 of revenues in advance of this amount, $150,000 was earned in 2021, the other $300,000 will be earned noually over the 2022-2023 period. The full $450,000 was included in taxable income in 2021 2. The company paid a $20,000 polluti 021. This fine was expensed for financial reporting purposes. 3. In 2021, the company terminated a to ve and agreed to $30,000 of severance pay. The amount will be paid $10,000 per year for 2021-2023. The 2021 payment was made. For financial accounting purposes, the $30,000 was expensed in 2021. For tax purposes, the severance pay is deductible as it is paid. The enacted tax rates existing at December 31, 2021 are: 2021 30% 2022 35% 2023 40% 2024 40% Prepare the Sun Devil company's journal entries for taxes in 2021. (35 points) Edit View Insert Format Tools Table BA MacBook Air O pts 1. The Sun Devil company began business on January 1, 2021. Its pretax financial income was $280,000 for 2021 The Sun Devil company had the following activities causing the differences between pretax financial income and taxable income 1. On January 1, 2021, the company collected $450,000 of revenues in advance of this amount, $150,000 was earned in 2021, the other $300,000 will be qually over the 2022 2023 period. The full $450,000 was included in taxable income in 2021 2. The company paid a $20,000 p in 2021. This fine was expensed for financial reporting purposes 3. In 2021, the company terminated a top executive and agreed to $30,000 of severance pay. The amount will be paid $10,000 per year for 2021-2023 The 2021 payment was made for financial accounting purposes, the $30,000 was expensed in 2021 For tax purposes, the severance pay is deductible as it is paid. The enacted tax rates existing at December 31, 2021 are 2021 30% 2022 35% 2023 40% 2024 40% Prepare the Sun Devil company's journal entries for taxes in 2021. (35 points) Edit View insert Format Tools Table O pts Question 12 1. The Sun Devil company began business on January 1, 2021. Its pretax financial income was $280,000 for 2021. The Sun Devil company had the following activities causing the differences between pretax financial income and taxable income 1. On January 1, 2021, the company collected $450,000 of revenues in advance of this amount, $150,000 was earned in 2021; the other $300,000 will be earned equally over the 2022-2023 period. The full $450,000 was included in taxable income in 2021. 2. The company paid a $20,000 pollution fine in 2021. This fine was expensed for financial reporting purposes. 3. In 2021, the company terminated a top executive and agreed to $30,000 of severance pay. The amount will be paid $10,000 per year for 2021-2023. The 2021 payment was made. For financial accounting purposes, the $30,000 was expensed in 2021. For tax purposes, the severance pay is deductible as it is paid. The enacted tax rates existing at December 31, 2021 are: 2021 30% 2022 35% 2023 40% 2024 40% MacBook Air The Sun Devil company had the following activities causing the differences between pretax financial income and taxable income 1. On January 1, 2021, the company collected $450,000 of revenues in advance of this amount, $150,000 was earned in 2021, the other $300,000 will be earned noually over the 2022-2023 period. The full $450,000 was included in taxable income in 2021 2. The company paid a $20,000 polluti 021. This fine was expensed for financial reporting purposes. 3. In 2021, the company terminated a to ve and agreed to $30,000 of severance pay. The amount will be paid $10,000 per year for 2021-2023. The 2021 payment was made. For financial accounting purposes, the $30,000 was expensed in 2021. For tax purposes, the severance pay is deductible as it is paid. The enacted tax rates existing at December 31, 2021 are: 2021 30% 2022 35% 2023 40% 2024 40% Prepare the Sun Devil company's journal entries for taxes in 2021. (35 points) Edit View Insert Format Tools Table BA MacBook Air O pts 1. The Sun Devil company began business on January 1, 2021. Its pretax financial income was $280,000 for 2021 The Sun Devil company had the following activities causing the differences between pretax financial income and taxable income 1. On January 1, 2021, the company collected $450,000 of revenues in advance of this amount, $150,000 was earned in 2021, the other $300,000 will be qually over the 2022 2023 period. The full $450,000 was included in taxable income in 2021 2. The company paid a $20,000 p in 2021. This fine was expensed for financial reporting purposes 3. In 2021, the company terminated a top executive and agreed to $30,000 of severance pay. The amount will be paid $10,000 per year for 2021-2023 The 2021 payment was made for financial accounting purposes, the $30,000 was expensed in 2021 For tax purposes, the severance pay is deductible as it is paid. The enacted tax rates existing at December 31, 2021 are 2021 30% 2022 35% 2023 40% 2024 40% Prepare the Sun Devil company's journal entries for taxes in 2021. (35 points) Edit View insert Format Tools Table O pts Question 12 1. The Sun Devil company began business on January 1, 2021. Its pretax financial income was $280,000 for 2021. The Sun Devil company had the following activities causing the differences between pretax financial income and taxable income 1. On January 1, 2021, the company collected $450,000 of revenues in advance of this amount, $150,000 was earned in 2021; the other $300,000 will be earned equally over the 2022-2023 period. The full $450,000 was included in taxable income in 2021. 2. The company paid a $20,000 pollution fine in 2021. This fine was expensed for financial reporting purposes. 3. In 2021, the company terminated a top executive and agreed to $30,000 of severance pay. The amount will be paid $10,000 per year for 2021-2023. The 2021 payment was made. For financial accounting purposes, the $30,000 was expensed in 2021. For tax purposes, the severance pay is deductible as it is paid. The enacted tax rates existing at December 31, 2021 are: 2021 30% 2022 35% 2023 40% 2024 40% MacBook Air