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Extra Credit: Please provide the journal entry when a corporation has Net Income of $360,000 for GAAP purposes and $220,000 for I.R.C. tax purposes. Assume

Extra Credit: Please provide the journal entry when a corporation has Net Income of $360,000 for GAAP purposes and $220,000 for I.R.C. "tax" purposes. Assume the current corporate tax rate is 21%. Hint: "Deferred Tax Liability" will a useful account

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