Sara Lee Corporation owns the following brands: Ball Park franks, Sara Lee bakery goods, Hillshire Farm, Jimmy

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Sara Lee Corporation owns the following brands: Ball Park franks, Sara Lee bakery goods, Hillshire Farm, Jimmy Dean, Kiwi shoe care products, and many other products. The following information relates to the company's deferred taxes.
Sara Lee Corporation owns the following brands: Ball Park franks,

Cash payments for income taxes from continuing operations were $273 in 2009, $459 in 2008, and $378 in 2007.
Based on this information, answer the feollowing questions:
1. Provide the journal entry(ies) made by Sara Lee to record the 2009 income tax expense (net) of $224 million. Remember to allocate the expense and benefit between current and deferred.
2. Provide the journal entry made by Sara Lee to record the payment of income taxes during the year 2009.

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Related Book For  book-img-for-question

Intermediate Accounting

ISBN: 978-0538479738

18th edition

Authors: Earl K. Stice, James D. Stice

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