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Zekany Corporation would have had identical income before taxes on both income tax retem and income statements for eyes 2021 through 2024 except for differences

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Zekany Corporation would have had identical income before taxes on both income tax retem and income statements for eyes 2021 through 2024 except for differences in derection on an operational asset. The cost 100.000 and is deprecated for income tax purposes in the following amount. 20 32 59.000 40 15. 1.00 2024 The operational asset has a four year life and no residual value. The straight method is used for and reporting purposes Income amounts before depreciation expense and income for each of the four years were as follows Accounting income before taxes and depreciation 115.000 1.575.000 Assume the income tax rate for 201 2022 was 30 however, during 2022. taxegation was passed to be the face to beginning in 2023. The contate remained in effect though the year 2023 ond 2024 Both the accounting and income tax periode end December 31 Required: Prepare the journals to record income taxes for the year 2021 through 2024 (if no entry is required for a transaction et select "No journal entry required in the first account field) Checimy w Zekany Corporation would have had identical income before taxes on both its income tax returns and income statements for the years 2021 through 2024 except for differences in depreciation on an operational asset. The asset cost $100.000 and is depreciated for Income tax purposes in the following amounts 2021 2022 2023 2024 $39,800 44,000 15,000 8,000 The operational asset has a four-year life and no residual value. The straight-line method is used for financial reporting purposes Income amounts before depreciation expense and income taxes for each of the four years were as follows Accounting Incone before taxes and depreciation 2023 2022 2009 20 $65,00 585.000 5,000 $25.000 Assume the income tax rate for 2021 and 2022 was 30%; however during 2022, tax legislation was passed raise the tax rate to 40% beginning in 2023. The 40% rate remained in effect through the years 2023 and 2024. Both the accounting and income tax periods end December 31 Required: Prepare the journal entries to record income taxes for the years 2021 through 2024 (if no entry is required for a transaction/event select "No journal entry required" in the first account field.)

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