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The following information is available for Marigold Corporation for 2024(its first year of operations).1. Excess...

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Accounting

The following information is available for Marigold Corporation for 2024(its first year of operations).1. Excess of tax depreciation over book depreciation, $40,600. This $40,600 difference will reverse equally over the years2025-2028.2. Deferral, for book purposes, of $21,200 of rent received in advance. The rent will be recognized in 2025.3. Pretax financial income, $322,000.4. Tax rate for all years, 30%.(c)
Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2025, assuming taxable income of $325,000.(List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
Account Titles and Explanation
Debit
Credit
image

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