The following information is for James Industries' first year of operations. Amounts are in millions of dollars. 
In 2013 the company's pretax accounting income was $67. The enacted tax rate for 2012 and 2013 is 40%, and it is 35% for years after 2013.
Required:
Prepare a journal entry to record the income tax expense for the year 2013. Show well-labeled computations for income tax payable and the change in the deferred tax account.
Definitions:
Extinguishes Anxiety
A process or method that effectively reduces or eliminates feelings of anxiety.
Obsession
Persistent, intrusive, and unwanted thoughts or urges that cause distress or anxiety, often seen in obsessive-compulsive disorder.
Biological Theories
Explanations in psychology that attribute complex phenomena such as personality, behavior, and mental disorders to biological factors like genetic, neurological, or evolutionary influences.
Primitive Urges
Basic, innate desires or instincts that motivate behavior.
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