(Answered) Question - a j johnson amp co record certain revenues on

Accounting

Question - A. J. Johnson & Co Record certain revenues on its books in 2015 and 2016 of $15,400 and $16,600, respectively. However, such revenues were not subject to income taxation until 2017. The company records reveal pretax financial income and taxable income for the three-year period as follows:

	Financial Income	Taxable Income
2015	$44,200	28,800
2016	38,200	21,600
2017	21,100	53,100

Assume that Johnson's tax rate is 40% for all periods.

Prepare the journal entries necessary at the end of each year to record income taxes.

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