Business, 05.05.2020 18:10 daedae96

At the end of 2019, Pharoah Company has $175,800 of cumulative temporary differences that will result in reporting the following future taxable amounts.

2020

$59,900
2021

49,400
2022

38,000
2023

28,500

$175,800

Tax rates enacted as of the beginning of 2018 are:

2018 and 2019

40
%
2020 and 2021

30
%
2022 and later

25
%

Pharoah’s taxable income for 2019 is $305,100. Taxable income is expected in all future years.

(a) Prepare the journal entry for Pharoah to record income taxes payable, deferred income taxes, and income tax expense for 2019, assuming that there were no deferred taxes at the end of 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

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