Question
Interest Income 60,000 Income before income tax $ 1,340,000 Retained earnings on January 1, 2023 were $310,000. No income tax has yet been accrued. A
| Interest Income | 60,000 | |
|---|---|---|
| Income before income tax | $ 1,340,000 |
Retained earnings on January 1, 2023 were $310,000.
No income tax has yet been accrued. A new tax law was enacted in 2023, which will cause Greene's income tax rate to change from 25% to 20% beginning in 2024. The interest income reported on the 2023 income statement was accrued for 2023 but will be received in June of 2024.
Record the appropriate entry to recognize income tax.
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Auditing Business Continuity Global Best Practices
Authors: Rolf Von Roessing
1st Edition
1931332150, 978-1931332156
