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Income Taxes The Collins Co. reported the following information for the year ending Decembe 31, 2023: Total Revenue: $1,560,000 Accounts Receivable: $300,000 Total Expenses: $900,000

Income Taxes The Collins Co. reported the following information for the year ending Decembe 31, 2023: Total Revenue: $1,560,000 Accounts Receivable: $300,000 Total Expenses: $900,000 Tax Rate: 35% Required: Calculate the income before taxes and the tax expense according to GAAP. Calculate the taxable income and the taxes payable according to the IRS. Complete the necessary journal entry

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