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$ $ Requirement 1 Pre Tax Accounting Income Less: Permanent Difference Pre Tax Income subject to tax Less: Installment Income (to be taxed when collected) Taxable income 902,000 (32,000) 870,000 (640,000) 230,000 $ $ Deferred Tax Liability: DTL Year 2019 Year 2020 Year 2021 140,000 350,000 150,000 30% $ 40% $ 40% $ $ 42,000 140,000 60,000 242,000 $ Journal Entry: Tax Expense ( 242000 +69000) Deferred Tax Liability Taxes Payable 230,000*30% Debit Credit $311,000 $242,000 69,000 Requirement 2 $ Pre Tax Accounting Income Less: Tax Expense Net Income 902,000 ($311,000) $591,000
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