A corporation has $540,000 of income before income taxes, a 35% tax rate, and $480,000 of taxable

Question:

A has $540,000 of income before income taxes, a 35% tax rate, and $480,000 of taxable income. Provide the journal entry for the current year's taxes.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...