Business, 23.09.2021 09:00 axleon11

The DeVille Company reported pretax accounting income on its income statement as follows: 2021 $ 425,000
2022 345,000
2023 415,000
2024 455,000
Included in the income of 2021 was an installment sale of property in the amount of $60,000. However, for tax purposes, DeVille reported the income in the year cash was collected. Cash collected on the installment sale was $24,000 in 2022, $30,000 in 2023, and $6,000 in 2024. Included in the 2023 income was $25,000 interest from investments in municipal governmental bonds. The enacted tax rate for 2021 and 2022 was 40%, but during 2022, new tax legislation was passed reducing the tax rate to 25% for the years 2023 and beyond.
Required:
Prepare the year-end journal entries to record income taxes for the years 2021-2024.

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The DeVille Company reported pretax accounting income on its income statement as follows: 2021 $ 4...

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