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  3. during 2016, the smith corporation income statemen

During 2016, the Smith Corporation income statement reported income of $608,000 before tax. The companys...

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Accounting

During 2016, the Smith Corporation income statement reported income of $608,000 before tax. The companys income tax return filed with the IRS showed taxable income of $495,000. During 2016, Smith Corporation was subject to an income tax rate of 35%. Requirements:

1. Journalize Smith Corporations income taxes for 2016.

2. How much income tax did Smith Corporation have to pay for the year 2016?

3. At the beginning of 2016, Smith Corporations balance of Deferred Tax Liability was $25,600. How much Deferred Tax Liability did Smith Corporation report on its balance sheet at December 31, 2016?

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