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Re On 1 January 20X3, Highmark Corp. had the following deferred tax balances Deferred income...

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Re On 1 January 20X3, Highmark Corp. had the following deferred tax balances Deferred income tax asset related to warranty Deferred income tax liability related to capital assets $ 16,000 $120,000 On this date, the net book value of capital assets was $1,750,000 and UCC was $1,450,000. There was a warranty liability of $40,000 In 20x3, accounting income was $170,000. This included non-tax-deductible expenses of $42,000, dividend revenue (non-taxable) of $12,000, depreciation of $75,000, and a warranty expense of $39.000 Warranty claims paid were $51,000 and CCA was $99.000 Required: Provide the journal entry to record tax expense in 20x3. The enacted tax rate was 41% in 20x3. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Date 20x3 Credit 1 Answer is complete but not entirely correct. General Journal Income tax expense Deferred income tax Income to payable Dobit 82000 14760 67 240

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