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Recording and Reporting Temporary Difference deducted when paid. Taxable income is $115,000 and the tax rate is 25%. Assume no other temporary differences or any
Recording and Reporting Temporary Difference deducted when paid. Taxable income is $115,000 and the tax rate is 25%. Assume no other temporary differences or any beginning balances in deferred tax accounts. Required a. Record the income tax journal entry on December 31. - Note: If a line in a journal entry isn't required for the transaction, select "N/A" as the account name as a debit and leave the answer blank (zero). b. Prepare the income tax section of the income statement for the year and provide the disclosure of current and deferred tax expense. - Note: Do not use negative signs with your answers
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