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The following is selected information from the accounting records of Slow Inc. for 20X9 its first year of operations Earnings before income taxes $500,000
The following is selected information from the accounting records of Slow Inc. for 20X9 its first year of operations Earnings before income taxes $500,000 In determining pre-tax accounting earnings, the following deductions were made 1 a.Golf club dues b. Accrued warranty costs ces c. Depreciation 13,000 41,000 63,000 For tax purposes, the following deductions were made: a.Warranty costs incurred b.CCA 33,000 126,000 The capital assets, originally costing $630,000, are depreciated on a straight-line basis over 10 years, zero residual value, with a full year of depreciation taken in Year 1. The tax rate is 35%. Required: Prepare the journal entry to record income tax at the end of 20X9. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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