Submit journal entries in the ExcelTemplate linked at the bo

Submit journal entries in the ExcelTemplate linked at the bo.
Submit journal entries in the ExcelTemplate linked at the bottom of this page and any written segments inthe comments function in that spreadsheet. Do not submit two separatedocuments, as only one document can be accepted. For written answers,please make sure your responses are well written, formatted per APA REQUIREMNETS and have proper citations, if applicable.Johnny Bravo Company began operations in 2015 and has provided the following information.Pretax financial income for 2015 is $100,000.The tax rate enacted for 2015 and future years is 40%.Differences between the 2015 income statement and tax return are listed below.Warrantyexpense accrued for financial reporting purposes amounts to $5,000.Warranty deductions per the tax return amount to $2,000.Gross profit on construction contracts using thepercentage-of-completion method for book purposes amounts to $92,000.Gross profit on construction contracts for tax purposes amounts to$62,000.Depreciation of property, plant, and equipment for financial reporting purposes amounts to $60,000.Depreciation of these assets amounts to $80,000 for the tax return.A $3,500 fine paid for violation of pollution laws was deducted in computing pretax financial income.Interest revenue earned on an investment in tax-exempt municipal bonds amounts to $1,400.Taxable income is expected for the next few years.Use the spreadsheet Journal Entries to prepare the journal entryto record income tax expense, deferred taxes, and income taxes payablefor 2015.Draft the income tax expense section of the income statement, beginning with Income before income taxes
Submit journal entries in the ExcelTemplate linked at the bo