Saunders Inc., reported pretax accounting income of $100,000 during the current year, which included $10,000 interest from investments in municipal bonds. The enacted tax rate is 25%.
Prepare the appropriate journal entry to record the company’s income taxes for the current year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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Saunders Inc., reported pretax accounting income of $100,000 during the current year, which included...
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