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The DeVille Company reported pretax accounting income on its income statement as follows: ...

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Accounting

The DeVille Company reported pretax accounting income on its income statement as follows:

2024 $ 395,000
2025 315,000
2026 385,000
2027 425,000

Included in the income of 2024 was an installment sale of property in the amount of $46,000. However, for tax purposes, DeVille reported the income in the year cash was collected. Cash collected on the installment sale was $18,400 in 2025, $23,000 in 2026, and $4,600 in 2027.

Included in the 2026 income was $19,000 interest from investments in municipal governmental bonds.

The enacted tax rate for 2024 and 2025 was 40%, but during 2025, new tax legislation was passed reducing the tax rate to 25% for the years 2026 and beyond.

Required:

Prepare the year-end journal entries to record income taxes for the years 20242027.

imageimageimageimage Record 2024 income taxes. Note: Enter debits before credits. Record 2025 income taxes. Note: Enter debits before credits. Record 2026 income taxes. Note: Enter debits before credits. Record 2027 income taxes. Note: Enter debits before credits
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