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Allmond Corporation, organized on January 3 , 2 0 2 4 , had pretax accounting income of ( $ 2 8 )
Allmond Corporation, organized on January had pretax accounting income of $ million and taxable income of $ million for the year ended December The tax rate is The only difference between accounting income and taxable income is estimated product warranty costs. Assume that expected payments and scheduled tax rates based on recently enacted tax legislation are as follows:
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Determine the amounts necessary to record Allmond's income taxes for and prepare the appropriate journal entry.
What is Allmond's net income?
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Determine the amounts necessary to record Allmond's income taxes for
Note: Enter your answers in millions rounded to decimal places ie should be entered as Enter all amounts as positive values.
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