The records of Star Corporation provided the following data related to accounting and taxable income:

There are no existing temporary differences other than those reflected in this data.
Required:
1. Give the journal entry to record the income tax consequences for each year.
2. Show how income tax expense, income tax payable, and deferred income tax should be reported on the financial statements each year.

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2017 2018 Pretax accounting income. $200,000 220,000 $220,000 Taxable income (tax retum). 200,000 Income tax rate 35% 35%