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b) Lowmax Corp. had pretax financial (book) income of $95,000 which included Depreciation Expense that is $6,000 lower than depreciation for tax purposes. Assuming a
b) Lowmax Corp. had pretax financial (book) income of $95,000 which included Depreciation Expense that is $6,000 lower than depreciation for tax purposes. Assuming a tax rate of 40%, the journal entry to record taxes is: Account Title Debit Credit
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