Insert Design Layout References Mailings Review View Tell me what you want me Bl 1 u.ab , . a-.A- 1.1.. LNormall."NoSpac. Hea Font Paragraph Styles Class exercise 7 NAME 1. The records for Bosch Co. show this data for 2018 Revenues on installment sales recorded on the books was $480,000. Cash from collections of installment receivables was $320,000. Machinery was acquired in January for $300,000. Straight-line depreciation over a ten year life (no salvage value) is used. For tax purposes, MACRS depreciation is used and Bosch may deduct $42,000 for 2018. Interest received on tax exempt lowa State bonds was $9,000 Pretax financial income is $700,000. The tax rate is 30%. Instructions (a) Compute taxable income and income taxes payable b)Prepare the journal entry to record income taxes for 2018. t ot 2 311 words