The DeVille Company reported pretax accounting income on its income statement as follows: 2021 $ 420,000...

The DeVille Company reported pretax accounting income on its income statement as follows:


2021	$	420,000
2022		340,000
2023		410,000
2024		450,000

Included in the income of 2021 was an installment sale of property in the amount of $58,000. However, for tax purposes, DeVille reported the income in the year cash was collected. Cash collected on the installment sale was $23,200 in 2022, $29,000 in 2023, and $5,800 in 2024.

Included in the 2023 income was $24,000 interest from investments in municipal governmental bonds.

The enacted tax rate for 2021 and 2022 was 40%, but during 2022, new tax legislation was passed reducing the tax rate to 25% for the years 2023 and beyond.

Required:
Prepare the year-end journal entries to record income taxes for the years 2021–2024. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Solutions

Expert Solution

ekkarill92 answered 2 weeks ago

Next > < Previous

Related Solutions

The DeVille Company reported pretax accounting income on its income statement as follows: 2021 $ 385,000...

The DeVille Company reported pretax accounting income on its income statement as follows: 2021 $ 385,000 2022 305,000 2023 375,000 2024 415,000 Included in the income of 2021 was an installment sale of property in the amount of $42,000. However, for tax purposes, DeVille reported the income in the year cash was collected. Cash collected on the installment sale was $16,800 in 2022, $21,000 in 2023, and $4,200 in 2024. Included in the 2023 income was $17,000 interest from investments...

The DeVille Company reported pretax accounting income on its income statement as follows: 2021 $ 450,000...

The DeVille Company reported pretax accounting income on its income statement as follows: 2021 $ 450,000 2022 370,000 2023 440,000 2024 480,000 Included in the income of 2021 was an installment sale of property in the amount of $70,000. However, for tax purposes, DeVille reported the income in the year cash was collected. Cash collected on the installment sale was $28,000 in 2022, $35,000 in 2023, and $7,000 in 2024. Included in the 2023 income was $30,000 interest from investments...

The DeVille Company reported pretax accounting income on its income statement as follows: 2019 2020 2021...

The DeVille Company reported pretax accounting income on its income statement as follows: 2019 2020 2021 2022 Pretax accounting income $350,000 270,000 340,000 380,000 Included in the income of 2019 was an installment sale of property in the amount of $50,000. However, for tax purposes, DeVille reported the income in the year cash was collected. Cash collected on the installment sale was $20,000 in 2020, $25,000 in 2021, and $5,000 in 2022. Included in the income of 2020 was $20,000...

The DeVille Company reported pretax accounting income on its income statement as follows: 2018 $...

The DeVille Company reported pretax accounting income on its income statement as follows: 2018 $ 445,000 2019 365,000 2020 435,000 2021 475,000 Included in the income of 2018 was an installment sale of property in the amount of $68,000. However, for tax purposes, DeVille reported the income in the year cash was collected. Cash collected on the installment sale was $27,200 in 2019, $34,000 in 2020, and $6,800 in 2021. Included in the 2020 income was $29,000 interest...

The DeVille Company reported pretax accounting income on its income statement as follows: 2016 $...

The DeVille Company reported pretax accounting income on its income statement as follows: 2016 $ 390,000 2017 310,000 2018 380,000 2019 420,000 Included in the income of 2016 was an installment sale of property in the amount of $44,000. However, for tax purposes, DeVille reported the income in the year cash was collected. Cash collected on the installment sale was $17,600 in 2017, $22,000 in 2018, and $4,400 in 2019. Included in the 2018 income was $18,000...

The DeVille Company reported pretax accounting income on its income statement as follows: 2018 $...

The DeVille Company reported pretax accounting income on its income statement as follows: 2018 $ 440,000 2019 360,000 2020 430,000 2021 470,000 Included in the income of 2018 was an installment sale of property in the amount of $66,000. However, for tax purposes, DeVille reported the income in the year cash was collected. Cash collected on the installment sale was $26,400 in 2019, $33,000 in 2020, and $6,600 in 2021. Included in the 2020 income was $28,000 interest...

The DeVille Company reported pretax accounting income on its income statement as follows: 2018 $...

The DeVille Company reported pretax accounting income on its income statement as follows: 2018 $ 360,000 2019 280,000 2020 350,000 2021 390,000 Included in the income of 2018 was an installment sale of property in the amount of $32,000. However, for tax purposes, DeVille reported the income in the year cash was collected. Cash collected on the installment sale was $12,800 in 2019, $16,000 in 2020, and $3,200 in 2021. Included in the 2020 income was $11,000 interest...

The DeVille Company reported pretax accounting income on its income statement as follows: 2018 $...

The DeVille Company reported pretax accounting income on its income statement as follows: 2018 $ 390,000 2019 310,000 2020 380,000 2021 420,000 Included in the income of 2018 was an installment sale of property in the amount of $44,000. However, for tax purposes, DeVille reported the income in the year cash was collected. Cash collected on the installment sale was $17,600 in 2019, $22,000 in 2020, and $4,400 in 2021. Included in the 2020 income was $18,000 interest...

The DeVille Company reported pretax accounting income on its income statement as follows: 2018 $...

The DeVille Company reported pretax accounting income on its income statement as follows: 2018 $ 365,000 2019 285,000 2020 355,000 2021 395,000 Included in the income of 2018 was an installment sale of property in the amount of $34,000. However, for tax purposes, DeVille reported the income in the year cash was collected. Cash collected on the installment sale was $13,600 in 2019, $17,000 in 2020, and $3,400 in 2021. Included in the 2020 income was $12,000 interest...

The DeVille Company reported pretax accounting income on its income statement as follows: 2018 $...

The DeVille Company reported pretax accounting income on its income statement as follows: 2018 $ 410,000 2019 330,000 2020 400,000 2021 440,000 Included in the income of 2018 was an installment sale of property in the amount of $54,000. However, for tax purposes, DeVille reported the income in the year cash was collected. Cash collected on the installment sale was $21,600 in 2019, $27,000 in 2020, and $5,400 in 2021. Included in the 2020 income was $22,000 interest...

Subjects