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Southeast Airlines had pretax earnings of $80 million, Included in this amount is income from discontinued operations of $20 million The company's tax rate is

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Southeast Airlines had pretax earnings of $80 million, Included in this amount is income from discontinued operations of $20 million The company's tax rate is 25% 4.5 points What is the amount of income tax expense that Southeast would report in its income statement for continuing operations? (Enter your answer in millions rounded to 2 decimal place (l.e., Le., 5,500,000 should be entered as 5.50). Amount to be deducted should be indicated with a minus sign.) Income from continuing operations before tax Income tax expense Income from continuing operations Income from discontinued operations Net income Lance Lawn Services reports warranty expense by estimating the amount that eventually will be paid to satisfy warranties on its product sales. For tax purposes, the expense is deducted when the warranty work is completed. At December 31, 2021. Lance has a warranty liability of $2 million and taxable income of $70 million. At December 31, 2020, Lance reported a deferred tax asset of $469,000 related to this difference in reporting warranties, its only temporary difference. The enacted tax rate is 25% each year. 4.5 points Required: Prepare the appropriate journal entry to record Lance's income tax provision for 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) View transaction list Journal entry worksheet Record 2021 income taxes. Note: Enter debits before credits Debit Credit Transaction General Journal Income tax expense Deferred tax asset Income taxes payable 17.500.000

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