income and taxable income as follows:Pretax financial income$ 420,000Extra depreciation taken for tax purposes(1,050,000)Estimated expenses deductible for taxes when paid 840,000Taxable income$ 210,000Use of the depreciable assets will result in taxable amounts of $350,000 in each of the next three years. The estimated litigation expenses of $840,000 will be deductible in 2010 when settlement is expected.Instructions(a)Prepare a schedule of future taxable and deductible amounts.(b)Prepare the journal entry to record income tax expense, deferred taxes, and income taxes payable for 2007, assuming a tax rate of 40% for all years
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