Problem:
The information that follows pertains to Esther Food Products:
a. At December 31, 2013, temporary differences were associated with the following future taxable (deductible) amounts: Depreciation $ 52,000 Prepaid expenses 22,000 Warranty expenses (19,000 )
b. No temporary differences existed at the beginning of 2013.
c. Pretax accounting income was $74,000 and taxable income was $19,000 for the year ended December 31, 2013.
d. The tax rate is 40%. Required: Complete the following table given below and prepare the appropriate journal entry to record income taxes for 2013. (If no entry is required for an event, select "No journal entry required" in the first account field.)
Required:
Question: Complete the following table given below and prepare the appropriate journal entry to record income taxes for 2013.
Note: Please show how to work it out.