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Brief Exercise 8-42 (Algorithmic) Accrued Income Taxes Nolan Inc. had taxable income of $600,000 in 2019. Its effective tax rate is 16%. Nolan pays its

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Brief Exercise 8-42 (Algorithmic) Accrued Income Taxes Nolan Inc. had taxable income of $600,000 in 2019. Its effective tax rate is 16%. Nolan pays its 2019 income taxes on April 15, 2020. Required: 1. Given this information, determine the adjusting journal entry that Nolan must make on December 31, 2019. Dec. 31 (Record accrued income taxes) 2. Prepare the journal entry to record the tax payment. Apr. 15 (Record payment of income taxes)

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