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with same amount Novak Ltd. made four quarterly payments of $3,000 each to the Receiver General for Canada during 2023 as instalment payments on Its
with same amount
Novak Ltd. made four quarterly payments of $3,000 each to the Receiver General for Canada during 2023 as instalment payments on Its estimated 2023 corporate tax liability. At year end, Novak's controller completed the company's 2023 tax return, which showed income tax owing of $10,200 on its 2023 income, (a) Prepare the adjusting year-end entry to recognize the 2023 income tax. (Credit accounit titles are automatically indented when the amount is entered, Do not indent manually, Lst deblt entry before credit entry, If no entry Is required, select "No Entry" for the account titles and enter O for the amounts.)Step by Step Solution
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