Haskell,Inc In 2009,Haskell Deducted a $35,000 Item for Income Tax Purposes

question 100

Essay

Haskell,Inc.,reported the following income before income taxes,income taxes expense,and net income for 2009 and 2010:
$\begin{array}{lrr}&2009&2010\\\text { Income before income taxes } & \$ 420,000 & \$ 420,000 \\\text { Income taxes expense } & \underline{240,000}& \underline{240,000} \\\text { Net income } & \underline{\$ 180,000 }& \underline{\$ 180,000}\end{array}$
In 2009,Haskell deducted a $35,000 item for income tax purposes that was not deducted for accounting purposes until 2010.Haskell's marginal tax rate is 40 percent.Prepare entries in journal form without explanations to record Haskell's income taxes expense and income taxes payable for each year,assuming that income tax allocation procedures are used properly.

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