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journal entry? Pole Co. at the end of 2021, its first year of operations,...

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Accounting

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journal entry?

Pole Co. at the end of 2021, its first year of operations, prepared a reconciliation between pretax financial income and taxable income as follows: Use of the depreciable assets will result in taxable amounts of $400,000 in each of the next three years. The estimated litigation expenses of $890,000 will be deductible in 2024 when settlement is expected. Prepare a schedule of future taxable and deductible amounts. (Enter negative amounts using either a negative sign preceding the number e.g. 45 or parentheses e.g. (45).) Prepare the journal entry to record income tax expense, deferred taxes, and income taxes payable for 2021 , assuming a tax rate of 20% for all years. (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.)

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