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Canada Inc incurred a net operating loss of $60,000 in 2022, its first year of operations. The tax rate for all years is 30%. Golfway
Canada Inc incurred a net operating loss of $60,000 in 2022, its first year of operations. The tax rate for all years is 30%. Golfway had taxable income during 2023 totaling $80,000 and expects to increase income in future years. Golfway has no other differences between taxable and financial income. Prepare the journal entry to recognize income taxes during 2023
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