Ivanhoe Inc., in its first year of operations, has the following differences between the book basis and tax basis of its assets and liabilities at the end of 2019. Book Basis Tax Basis
Equipment (net) $431,000 $371,100
Estimated warranty liability $192,000$ -0-

It is estimated that the warranty liability will be settled in 2020. The difference in equipment (net) will result in taxable amounts of $19,100 in 2020, $30,600 in 2018, and $10,300 in 2019. The company has taxable income of $470,000 in 2018. As of the beginning of 2016, the enacted tax rate is 34% for 2018-2020, and 30% for 2019, Vaughn expects to report taxable income through 2019.

Required:
Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2018.

Which of the following is likely not a benefit of requiring a grand jury to listen to and examine all of the evidence against a person suspected of committing a serious crime and then independently deciding whether or not to hand down an indictment? 1.the grand jury system provides the accused another safeguard against being sent to trial and facing conviction based on flawed evidence. 2.the members of the grand jury are drawn from the community and are empowered to render independent decisions about whether or not the government has collected enough evidence to bring an individual to trial. 3.the grand jury’s decision can provide prosecutors insight into what is necessary to build a sufficient case if a similar crime is presented later. 4.the grand jury is impaneled to rubber-stamp prosecutors’ cases, which makes it possible for more cases to reach trial.