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a. Journal entry to record income tax 2021. b. In 2022, the taxable income is 70. No other temporary differences. Prepare Journal entry to record

image text in transcribed a. Journal entry to record income tax 2021.

b. In 2022, the taxable income is 70. No other temporary differences. Prepare Journal entry to record income tax year 2022

Assume both year the tax rate is 25%

Year Future Future Taxable Amounts Amounts 2022 2023 2024 2025 Total 2021 $60 Accounting income Temporary difference: Prepaid insurance Taxable income $3 $3 $3 $3 $ 12 (12) $ 48

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