Question
Corporation HHH's auditors prepared the following reconciliation between book and taxable income. Assume the marginal & effective tax rate is 21% Financial Net Income Before
Corporation HHH's auditors prepared the following reconciliation between book and taxable income. Assume the marginal & effective tax rate is 21%
| Financial Net Income Before Tax | 6,000,000 | |
| Permanent Book/ Tax Differences | -1,500,000 | tax except interest income |
| Temporary Book-Tax Differnces | -750,000 | depreciation expense |
| Taxable Income | 3,750,000 |
What is the journal entry to record the total tax expense recording each component of the total expense?
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Management And Cost Accounting
Authors: Mike Tayles, Colin Drury
11th Edition
147377361X, 978-1473773615
