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Consider the following transactions for Huskies Insurance Company; Income taxes for the year total $ 5 3 , 0 0 0 but won't be paid
Consider the following transactions for Huskies Insurance Company;
Income taxes for the year total $ but won't be paid until next April
On June the company lent its chief financial officer $; principal and interest at are due in one year.
On October the company recelved $ from a customer for a oneyear property insurance policy, Deferred Revenue was
credited on October
Required:
Indicate by how much net income in the income statement is higher or lower if the adjusting entry is not recorded. Do not round
intermediate calculations.
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