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The Vineyard reported pretax income on its income statement as follows:

$2024$: $$390,000$

$2025$: $$270,000$

$2026$: $$400,000$

$2027$: $$380,000$

Included in the income of $2024$ was an installment sale of property

in the amount of $$50,000.$ However, for tax purposes, Vineyard reported the income in the year cash was collected.

Cash collected on the installment sale was $$20,000$ in $2025,$

$$25,000$ in $2026,$ and $$5,000$ in $2027.$

Included in the $2026$ income was $$15,000$ interest from investment 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.

When account titles are not available in the drop$-$down menu, please type in the cells without any drop$-$down

menu.

Please prepare the following journal entries:

Use drop$-$down menus for account titles.

at the end of $2024.$

at the end of $2025$

At the end of $2026$

At the end of $2027$

Dr$.($$$)$

Dr$.($$$)$

Cr$.($$$)$

Dr$.($$$)$

Cr$.($$$)$

Cr$.($$$)$

$($drop down menys for account titles: income tax expense, deferred income tax asset $($current$),$ deferred income tax asset $($non$-$current$),$ deferred income tax liabilities $($current$),$ deferred income tax liabilities $($non$-$current$)$ and income tax payable$)$

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