Business, 11.12.2019 19:31 imaniii88

The deville company reported pretax accounting income on its income statement as follows:

2018 $ 450,000
2019 $ 370,000
2020 $ 440,000
2021 $ 480,000

included in the income of 2018 was an installment sale of property in the amount of $70,000. however, for tax purposes, deville reported the income in the year cash was collected. cash collected on the installment sale was $28,000 in 2019, $35,000 in 2020, and $7,000 in 2021.

included in the 2020 income was $30,000 interest from investments in municipal bonds.

the enacted tax rate for 2018 and 2019 was 30%, but during 2019 new tax legislation was passed reducing the tax rate to 25% for the years 2020 and beyond.

required: prepare the year-end journal entries to record income taxes for the years 2018–2021. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)

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The deville company reported pretax accounting income on its income statement as follows:

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