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question the deville company reported pretax accounting income on its income stateme 4290271

Question

The DeVille Company reported pretax accounting income on its income statement as follows: Included in the income of 2016 was an installment sale of property in the amount of $38,000. However, for tax purposes, DeVille reported the income in the year cash was collected. Cash collected on the installment sale was $15,200 in 2017, $19,000 in 2018, and $3,800 in 2019. Included in the 2018 income was $14,000 interest from investments in municipal bonds. The enacted tax rate for 2016 and 2017 was 30%, but during 2017 new tax legislation was passed reducing the tax rate to 25% for the years 2018 and beyond. Prepare the year-end journal entries to record income taxes for the years 2016-2019. (If no entry is required for a transaction/event, select “No journal entry required” in the first account field.)

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