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Pretax accounting income for 2024 was $896,000, which includes interest revenue of $16,000 from municipal bonds. The enacted tax rate for 2024 is 20%. Required:
Pretax accounting income for 2024 was $896,000, which includes interest revenue of $16,000 from municipal bonds. The enacted tax rate for 2024 is 20%. Required: 1. Assuming no differences between accounting income and taxable income other than those described above, prepare the appropriate journal entry to record Case's 2024 income taxes. 2. What is Case's 2024 net income? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assuming no differences between accounting income and taxable income other than those described above, prepare the appropriate journal entry to record Case's 2024 income taxes. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers) whole dollars. View transaction list Journal entry worksheet 1 Record 2024 income tax benefit from operating loss. Show les
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