5. The appropriate format for a parent companys journal entry to provide for income taxes on intercompany
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5. The appropriate format for a parent company’s journal entry to provide for income taxes on intercompany investment income from a 65%-owned domestic subsidiary that declared and paid dividends less than the amount of that income is:
a. Deferred Income Tax Asset XXX Income Taxes Expense XXX Income Taxes Payable XXX
b. Deferred Income Tax Liability XXX Income Taxes Expense XXX Income Taxes Payable XXX
c. Deferred Income Tax Asset XXX Income Taxes Expense XXX Income Taxes Payable XXX
d. Income Taxes Expense XXX Income Taxes Payable XXX Deferred Income Tax Liability XXX
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Kirti Kaushal
Having experience of more than 10 years is good enough to coach my students. Currently, I am working as an active supervisor of ACCA students. In my career, I helped students in financial accounting, management accounting, cost accounting, financial reporting, taxation, and audit. I also helped students publish their articles or papers in good journals. I also helped students with thesis and objective writing.
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