Chianina had $47,000 of net income before taxes. The only income or expense that was different was litigation expense. In 2015, Chianina was sued for patent infringement and they accrued $150,000 at that time. The litigation is still in the courts and they expect it to be for two or three more years so no payments have been made. Tax rates for 2015 to 2019 are as follows 2015 2016 2017 2018 2019 18% 19% 20% 21% 22% Prepare the journal entry for the 2018 income taxes.
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