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Your examination of Sullivan Company's records provides the following information for the December 31, year end adjustments: the company has satisfied performance obligations entitling it
Your examination of Sullivan Company's records provides the following information for the December 31, year end adjustments: the company has satisfied performance obligations entitling it to rent in the amount of $1,000. Interest on a note payable that has accumulated but has not been paid totals $600. The income tax rate is 30% on current income and is payable in the first quarter of the next year. The pretax income before the preceding adjusting entries is $6,800
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