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Sheridan Corporation began operations in 2020 and reported pretax financial income of $212,000 for the...

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Accounting

Sheridan Corporation began operations in 2020 and reported pretax financial income of $212,000 for the year. Sheridan's tax depreciation exceeded its book depreciation by $33,000. Sheridan's tax rate for 2020 and years thereafter is 30%. Assume this is t only difference between Sheridan's pretax financial income and taxable income.
Prepare the journal entry to record the income tax expense, deferred income taxes, and income taxes payable. (Credit account titles
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