Question

Flint Company has the following two temporary differences between its income tax expense and income taxes payable.

		2020			2021			2022
Pretax financial income		$842,000			$956,000			$914,000
Excess depreciation expense on tax return		(28,800	)		(39,300	)		(9,900	)
Excess warranty expense in financial income		20,400			9,500			7,600
Taxable income		$833,600			$926,200			$911,700

The income tax rate for all years is 20%

Assuming there were no temporary differences prior to 2020, prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020, 2021, and 2022. (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.)

Answer 1

Date	Account Titles	Debit	Credit
2020	Income Tax Expense	$         168,400		=842000*20%
	Deferred Tax Liability		$              1,680
	Income Tax Payable		$         166,720	=833600*20%
2021	Income Tax Expense	$         191,200		=956000*20%
	Deferred Tax Liability		$              5,960
	Income Tax Payable		$         185,240	=926200*20%
2022	Income Tax Expense	$         182,800		=914000*20%
	Deferred Tax Liability		$                 460
	Income Tax Payable		$         182,340	=911700*20%