income tax rate is 25% in Year 1 and 35% in all subsequent years. a. Prepare a schedule to determine deferred tax balances on December 31 of Year 1 through Year 5. Note: Do not use negative signs with your answers. b. Record the income tax journal entry on December 31 of Year 1. c. Repeat requirements a and b assuming instead that the machine is 100% expensed in Year 1 for tax purposes. a. Prepare a schedule to determine deferred tax balances on December 31 of Year 1 through Year 5 Note: Do not use negative signs with your answers. b. Record the income tax journal entry on December 31 of Year 1
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