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The following is selected information from the accounting records of Slow Inc. for 2 0 X 9 its first year of operations: Earnings before income

The following is selected information from the accounting records of Slow Inc. for 20X9 its first year of operations:
Earnings before income taxes $680,000
In determining pre-tax accounting earnings, the following deductions were made:
a. Golf club dues 22,000
b. Accrued warranty costs 59,000
c. Depreciation 72,000
For tax purposes, the following deductions were made:
a. Warranty costs incurred 42,000
b. CCA 144,000
The capital assets, originally costing $720,000, are depreciated on a straight-line basis over 10 years, zero residual value, with a full year of depreciation taken in 20X9 as the assets were purchased at the start of the year. The tax rate is 35%.
Required:
Slow Inc. is a public company. 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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