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For year 2021, a company had pretax accounting income of $240,000 which included the following amounts: Installment sales income of $50,000 (to be collected in
For year 2021, a company had pretax accounting income of $240,000 which included the following amounts: Installment sales income of $50,000 (to be collected in cash in 2022) Warranty expense of $11,000 (warranty costs expected to be paid in cash in 2022) The income tax rate is 25%. The journal entry for income taxes in 2021 will include a: (Click to select) credit to Deferred Tax Liability for $11,000 credit to Deferred Tax Liability for $2,750 debit to Deferred Tax Asset for $2,750 debit to Deferred Tax Asset for $11,000
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