Prepare the journal entry to record income tax expense, deferred income taxes, and taxes payable...
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Prepare the journal entry to record income tax expense, deferred income taxes, and taxes payable for 2024 
The following information is available for Sandhill Corporation for 2024 (its first year of operations). 1. Excess of tax depreciation over book depreciation, $37,000. This $37,000 difference will reverse equally over the years 2025-2028. 2. Deferral, for book purposes, of $18,200 of rent received in advance. The rent will be recognized in 2025 . 3. Pretax financial income, $296,200. 4. Tax rate for allyears, 20%
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