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For each of the five independent situations below, prepare a single journal entry that summarizes the recording and payment of income taxes in order to
For each of the five independent situations below, prepare a single journal entry that summarizes the recording and payment of income taxes in order to determine the amount of cash paid for income taxes. All dollars are in millions. > Answer is not complete. Complete this question by entering your answers in the tabs below. Cash Paid for Taxes General Journal Calculate the amount of cash paid for income taxes for each situation. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) Situation Income Tax Expense Income Tax Payable Increase (Decrease) Cash Paid for Taxes 10 10 Deferred Tax Liability Increase (Decrease) 0 0 (2) 2 7 wo w 10% 5 (3) (2) 15 For each of the five independent situations below, prepare a single journal entry that summarizes the recording and payment of Answer is not complete. Complete this question by entering your answers in the tabs below. Cash Paid for Taxes General Journal Prepare a single journal entires that summarizes the recording and payment of income taxes. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) No Event General Journal Debit Credit Cash Paid for Taxes General Journal
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