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Chapman Inc. started operations on January 1,2021 , and purchased $2,000,000 of equipment. The income tax rate for the company was 40% in 2021 and

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Chapman Inc. started operations on January 1,2021 , and purchased $2,000,000 of equipment. The income tax rate for the company was 40% in 2021 and 38% in 2027. The following information is available for 2021 and 2027 : Required: Calculate the current portion of income tax expense and any deferred income taxes for 2021 and 2022. Prepare the journal entries required. Show all calculations

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