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The Vineyard reported pretax income on its income statement as follows: $ 410,000 $ 270,000 $ 420,000 $ 380,000 1 5 6 Included in the
The Vineyard reported pretax income on its income statement as follows: $ 410,000 $ 270,000 $ 420,000 $ 380,000 1 5 6 Included in the income of 2024 was an installment sale of property in the amount of $50,000. However, for tax purposes, Vineyard reported the income in the year cash was collected. Cash collected on the installment sale was $20,000 in 2025, $25,000 in 2026, and $5,000 in 2027. Included in the 2026 income was $15,000 interest from investment in municipal governmental bonds. The enacted tax rate for 2024 and 2025 was 40%, but during 2025, new tax legislation was passed reducing the tax rate to 25% for the years 2026 and beyond. 28 2.9 30 31 32 33 34 2024 2025 2026 2027 When account titles are not available in the drop-down menu, please type in the cells without any drop-down menu. 35 36 37 38 Please prepare the following journal entries: Use drop-down menus for account titles. at the end of 2024. 39 40 11 at the end of 2025 At the end of 2026 At the end of 2027 Dr. ($) Dr. ($) Dr. (S) Dr. (S) Cr. ($) Cr. (S) Cr. (S) Cr. (S)
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