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Flounder Corporation began operations in 2020 and reported pretax financial income of $236,000 for the...

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Accounting

Flounder Corporation began operations in 2020 and reported pretax financial income of $236,000 for the year. Flounders tax depreciation exceeded its book depreciation by $32,000. Flounders tax rate for 2020 and years thereafter is 30%. Assume this is the only difference between Flounders pretax financial income and taxable income. Prepare the journal entry to record the income tax expense, deferred income taxes, and income taxes payable. (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.)

Account Titles and Explanation

Debit

Credit

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

Show how the deferred tax liability will be classified on the December 31, 2020, balance sheet.

Deferred tax liability should be classified as a select a balance sheet section current assetcurrent liabilitynoncurrent assetnoncurrent liability on the December 31, 2020, balance sheet.

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