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Ending balances for Income Tax Payable and Income Tax Expense are $120 and $150. If $150 of Income Tax Expense was accrued in March and
Ending balances for Income Tax Payable and Income Tax Expense are $120 and $150. If $150 of Income Tax Expense was accrued in March and $75 of the Income Tax Payable was paid during the month, what was the balance in Income Tax Payable at March 1? (Hint: Prepare the adjusting journal entry for this transaction, post to the Income Tax Expense and Income Tax Payable T accounts, and work backward to determine the opening balance.)
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