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Flounder Corporation began operations in 2020 and reported pretax financial income of $237,000 for the year. Flounder's tax depreciation exceeded its book depreciation by $44,000.

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Flounder Corporation began operations in 2020 and reported pretax financial income of $237,000 for the year. Flounder's tax depreciation exceeded its book depreciation by $44,000. Flounder's tax rate for 2020 and years thereafter is 30%. Assume this is the only difference between Flounder's pretax financial income and taxable income. Prepare the journal entry for tax expense

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