QQ Inc. had pretax accounting income of S291.000 and taxable income of $300,000in 2022. The...
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QQ Inc. had pretax accounting income of S291.000 and taxable income of $300,000in 2022. The only difference between accounting and taxable income is estimated product warranty costs of $9,000 for sales in 2022. Warranty payments are expected to be in equal amounts over the next three years (2023-2025) and will be tax deductible at that time. The enacted tax rate is 25%. Determine the amounts necessary to record 0Q Ine. income taxes for 2022 and prepare the journal entry.
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