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can you check my answer for 1 (100800 Debit income tax expenses and credit tax payable) can I get help with 2 A business has
can you check my answer for 1 (100800 Debit income tax expenses and credit tax payable)
can I get help with 2
A business has a corporate income tax rate of 40%. It has made no tax payments for the year 2020. The taxes have to be paid at the end of the first quarter of 2021. Based on the following accounting data for the year-end December 31, 2020, which of the following should be the adjusting entry required to be made on December 31, 2020 for the corporate income taxes? Revenues Rent Expense Interest Expense Salary and Wages Expense ation Exp se Dividends Declared $1,135,000 $340,000 $57,000 $230,000 $2 $54,000 Multiple Choice Debit income tax expense 79,200; Credit income tax payable 79,200 Multiple Choice O Debit income tax expense 79,200; Credit income tax payable 79,200 Debit income tax payable 100,800; Credit income tax expense 100,800 Debit income tax expense 100,800; Credit income tax payable 100,800 Debit income tax payable 79,200; Credit income tax expense 79,200 An adjusting journal entry that includes an increase to a contra-asset account would include an increase in a(n): Multiple Choice O liability account related asset account O revenue account O liability account () related asset account. O revenue account. expense accountStep by Step Solution
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