The following information is available for Sandhill Corporation for 2019 (its first year of operations). 1. Excess of tax depreciation over book depreciation, $40,400. This $40,400 difference will reverse equally

The following information is available for Sandhill Corporation for 2019 (its first year of operations). 1. Excess of tax depreciation over book depreciation, $40,400. This $40,400 difference will reverse equally over the years 2020–2023. 2. Deferral, for book purposes, of $19,900 of rent received in advance. The rent will be recognized in 2020. 3. Pretax financial income, $284,700. 4. Tax rate for all years, 20%. Transcribed Image Text: Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020, assuming
taxable income of $322,100. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no
entry is required, select “No Entry” for the account titles and enter 0 for the amounts.)
Account Titles and Explanation
Debit
Credit

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