RECOMMENDED!!at the beginning of 2011, its first year of operation

  

at the beginning of 2011, its first year of operation, buffola, inc. purchased a machine for $100,000. The deprectiation method used for financial reporting purposes was straight line and for tax purposes w as sum of the year digits. the machine has useful life of 4 year and no salvage valueAdditional informatioAssume enacted incoem tax rate of 20% for 2011 and 25% for all other yearPretax financial income was $16,000 in 2011 and $3000 for 2012Included in this income each year was municipal bond interest of $600In 2012, the company paid fines of $100In 2011 they also received $4000 from a customer in advance and properly recorded this as unearned revenue for GAAP purpose( the company will earn it in 2012). For tax purpose, this revenue is recorded as earned when the cash is received.Required:1) Prepare the journal entries to record income taxes at the end of 20112) Prepare the journal entries to record income taxes at the end of 2012

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