Business, 23.04.2021 16:30 jourdyno

The DeVille Company reported pretax accounting income on its income statement as follows: 2018 2019 2020 2021 $365,000 285,000 355,000 395,000
Included in the income of 2021 was an installment sale of property in the amount of $34,000. However, for tax purposes, DeVille reported the income in the year cash was collected. Cash collected on the installment sale was $13,600 in 2022, $17,000 in 2023, and $3,400 in 2024. Included in the 2023 income was $12,000 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: 2018 201...

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