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Vail received a payment from a customer this year in advance of the revenue recognition. The payment is taxed in this year. The reconciliation for
Vail received a payment from a customer this year in advance of the revenue recognition. The payment is taxed in this year. The reconciliation for this item is provided below: (Lesson 9.2) Pretax accounting income $100,000 Advance customer payment $150,000 Taxable income $250,000 Tax rate for this and next year is 20% What is the amount of the total income tax expense
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