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Gaslamp Corp. reports pretax accounting income of $204,000, but due to a single temporary difference, taxable income is only $152,000. At the beginning of the year, no temporary differences existed. Gaslamp is subject to a tax rate of 25%. The journal entry to record Gaslamp Corp.'s income taxes would include:

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Answer:

                                  Journal entry

General Journal                                     Debit           Credit

Income Tax Expense                            $81,600

To deferred tax Liability(204000-152000)x40%     $20800

To Income Tax Payable (152000*40%)                    $60,800

(Being Income tax expense recorded)

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