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K. On 31 December 2019, income summary account has $5.000.000 debit total and $15,000,000 credit total before tax expense of the year. Corporate Income Tax

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K. On 31 December 2019, income summary account has $5.000.000 debit total and $15,000,000 credit total before tax expense of the year. Corporate Income Tax rate is 15% and company has to allocate 5% of legal reserves. Make required journal entries. (10 points)

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