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please answer The DeVille Compary reported pretax accounting income on its incorne statement as follows included in the income of 2024 was an instaliment sale
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The DeVille Compary reported pretax accounting income on its incorne statement as follows included in the income of 2024 was an instaliment sale of property in the amount of $52000. However, for tax purposes, DeVille reported the income in the year cash was collected. Cash collected on the instaliment sale was $20,800 in 2025,$26,000 in 2026 . and $5,200 in 2027. Included in the 2026 income was $21,000 interest from investments in muncipal governmentai bonds The enacted tax rate for 2024 and 2025 was 40% but during 2025 , new tax legislation was passed reducing the tax rate to 25% for the years 2026 and beyond. Required: Prepare the year-end journal entries to record income taxes for the years 2024-2027 Note: If no entry is required for a transection/event, select "No journal entry required" In the first occount fleid. Journal entry worksheet Step by Step Solution
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