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The following information is for Hulk Gyms' first year of operations. Amounts are in millions of dollars. The enacted tax rate is 30%. Year Future
The following information is for Hulk Gyms' first year of operations. Amounts are in millions of dollars. The enacted tax rate is 30%. Year Future Taxable Amounts Future Amounts Total 2019 2020 2021 2022 2018 $ 61.8 Accounting income Temporary difference: Prepaid insurance Taxable income $3.9 $3.9 $3.9 $3.9 $15.6 (15.6) $ 46.2 Required: Prepare a compound journal entry to record the income tax expense for the year 2018. (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 1 > Record the income taxes. Note: Enter debits before credits. General Journal Debit Credit Transaction 1 Record entry Clear entry View general journal
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