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Based on its income for the month, a company estimates that it will owe $23,000 of federal income taxes for the month of May. What

Based on its income for the month, a company estimates that it will owe $23,000 of federal income taxes for the month of May. What is the effect of the adjustment on the financial statements? a. Increase retained earnings b. Decrease income taxes payable c. Increase income taxes expense d. Increase stockholders' equity

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