Business, 14.10.2021 02:30 aricketts3901

The DeVille Company reported pretax accounting income on its income statement as follows: 2021 $350,000
2022 270,000
2023 340,000
2024 380,000

Included in the income of 2021 was an installment sale of property in the amount of $50,000. However, for tax purposes, DeVille reported the income in the year cash was collected. Cash collected on the installment sale was $20,000 in 2022, $25,000 in 2023, and $5,000 in 2024. Included in the 2023 income was $15,000 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 2018–2021.

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The DeVille Company reported pretax accounting income on its income statement as follows: 2021 $35...

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