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[8] Assume that Shoreline Hotel Inc., (SHI) decides to make the following entry on December 31, 2018. Current tax rate is 40%. DR Current
[8] Assume that Shoreline Hotel Inc., (SHI) decides to make the following entry on December 31, 2018. Current tax rate is 40%. DR Current income tax expense CR Income tax payable $634,800 $634,800 This would imply that Select one: O a. the taxable income for 2018 was different than the accounting income. O b. the income tax expense reported by SHI on its income statement would be $750,000. O c. the taxable income for 2018 was determined to be $1,587,000. O d. All of the above. Oe. None of the above.
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