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Based on its income for the month, a company estimates that it will owe $23,000 of federal income taxes for the month of May. What

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Based on its income for the month, a company estimates that it will owe $23,000 of federal income taxes for the month of May. What is the effect of the adjustment on the financial statements? Increase stockholders' equity Increase income taxes expense Increase retained earnings Decrease income taxes payable

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