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In 2018, DFS Medical Supply collected rent revenue for 2019 tenant occupancy. For income tax reporting,...

Question:


In 2018, DFS Medical Supply collected rent revenue for 2019 tenant occupancy. For income tax reporting, the rent is taxed whe
In 2018, DFS Medical Supply collected rent revenue for 2019 tenant occupancy. For income tax reporting, the rent is taxed when collected. For financial statement reporting, the rent is recorded as deferred revenue and then recognized as income in the period tenants occupy the rental property. The deferred portion of the rent collected in 2018 amounted to $310,000 at December 31, 2018 DFS had no temporary differences at the beginning of the year. Required: Assuming an income tax rate of 40% and 2018 income tax payable of $960,000, prepare the journal entry to record income taxes for 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is not complete. NO Event General Journal Credit Income tax expense Deferred tax asset 000 130.000 Income tax payable

Answers

No Event General Journal 1 1 Income Tax expense Deferred tax asset Income tax Payable Debit | Credit $ 836,000 $ 124,000 $ 96

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