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Wildhorse Corporation began operations in 2020 and reported pretax financial income of $228,000 for the...

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Accounting

Wildhorse Corporation began operations in 2020 and reported pretax financial income of $228,000 for the year. Wildhorses tax depreciation exceeded its book depreciation by $38,000. Wildhorses tax rate for 2020 and years thereafter is 30%. Assume this is the only difference between Wildhorses pretax financial income and taxable income. Prepare the journal entry to record the income tax expense, deferred income taxes, and income taxes payable

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