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I am really in need of some help. I hope someone cab help me out with this. I need all of the journal entries. PTNl
I am really in need of some help. I hope someone cab help me out with this. I need all of the journal entries.
PTNl before the following information = Tl before the following information = 10,000,000 in Year 1. Additional information: Life insurance premiums in Year 1 = 100,000 Life insurance proceeds in Year 1 = 2,000,000 Unearned revenue: Accounting: Recognize 300,000 in Years 1 through Tax: Recognize full 900,000 in Year 1 New asset: Accounting: Depreciation = 100,000 in Years 1 through 4 Tax: Expense full 400,000 in Year 1 - is in the 30% tax bracket. Prepare the tax journal entry for Year 1Step by Step Solution
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