Question : Continue with the results of Problem 28.
Continue with the results of Problem 28. Prepare the GAAP journal entries for Willingham's income tax expense.
Data from Problem 28:
Willingham, Inc., an accn1al basis C corporation, reports pretax book income of $1.6 million. At the beginning of the tax year, Willingham reported no deferred tax accounts on iL5 balance sheet. It is subject to a 21% U.S. income tax rate in the current year and for the foreseeable future.
Willingham's book-tax differences include the following. Compute the entity's current and deferred income tax expense for the year.