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As the new accountant for Oriole's Pet Express Inc., a line of pet boutiques, you are developing the financial statement disclosures for the 2 0
As the new accountant for Oriole's Pet Express Inc., a line of pet boutiques, you are developing the financial statement disclosures for the financial statement note on income taxes. The company uses ASPE, and has selected the taxes payrable method. The statutory tax rate is currently During net income before tax was $ CCA exceeded depreciation expense by $ The only permanent difference was the nondeductible portion of meals and entertainment costs, which was of $
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Determine the income tax expense to be recorded using the taxes payable methad and record the necessary journal entry. List debit entry before credit entry. Credit account titles are automaticalily indented when the amount is entered. Do not indent marually: If no entry is required, select No Entry" for the occount titles and enter O for the amounts.
Income tax expense
$
Account Titles and Explynation
Debit
Credit
Income Tax Expense
Income Tax Payyable
Prepare the reconciliation of the actual tax rate to the statutory rate as required for inclusion in the financial statement note on income taxes. Round answers to decimal place, e Enter negative percentages using either a negative sign preceding the number eg or parentheses eg
ORIOLE'S PET EXPRESSINC.
Statement of Reconcillation of Actual Tex Rate
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