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40% Tax rate please explain each step TAX Problem #3 Pretax Financial Income Excess Depreciation Expense on Tax Return Excess Warranty Expense in Financial Income
40% Tax rate
TAX Problem #3 Pretax Financial Income Excess Depreciation Expense on Tax Return Excess Warranty Expense in Financial Income Taxable Income 2017 $840,000 (30,000) 20,000 $830,000 2018 $910,000 (40,000) 10,000 $880,000 2019 $945,000 (20,000) 8,000 $933,000 Required: Prepare journal entries to record tax expense, deferred income taxes, and income taxes payable for 2017, 2018, and 2019 please explain each step
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