For 2020, Al Corporation reports pretax accounting income of…

For 2020, Al Corporation reports pretax accounting income of $400,000, but due to a single temporary difference, taxable income is only $300,000. At the beginning of the year, no temporary differences existed.  The enacted tax rate is 25% for 2020, and 20% for future years.  What tax accrual entry would Al make for 2020?

In 2021 the bookkeeper for Selectro Company discovered an er…

In 2021 the bookkeeper for Selectro Company discovered an error. In 2020 the company failed to record $20,000 of depreciation expense on a newly constructed building. This building is the only depreciable asset Selectro owns. The company correctly included the depreciation expense in its tax return and correctly reported its income taxes payable. Journal entries   What journal entry should Selectro make to correct the error?