(Solution) - Vickers Company reports taxable income of 4 500 for 2013 Vickers -(2025 Original AI-Free Solution)

Paper Details

Vickers Company reports taxable income of $4,500 for 2013. Vickers has two temporary differences between pretax financial income and taxable income at the end of 2013. The first difference is expected to result in taxable amounts totaling $2,470 in future years. The second difference is expected to result in deductible amounts totaling $1,360 in future years. Vickers has a deferred tax asset of $372 and a deferred tax liability of $690 at the beginning of 2013. The current tax rate is 30%, and no change in the tax rate has been enacted for future years. Vickers has positive, verifiable evidence of future taxable income.
Required:
Prepare Vickers's income tax journal entry at the end of 2013.