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Business, 14.04.2020 23:38 emopandabogard4296

Compute income taxes payable for 2020 began 2020 with a $47,840 balance in the Deferred Tax Liability account. At the end of 2020, the related cumulative temporary difference amounts to $364,000, and it will reverse evenly over the next 2 years. Pretax accounting income for 2020 is $546,000, the tax rate for all years is 20%, and taxable income for 2020 is $421,200.Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020.

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Compute income taxes payable for 2020 began 2020 with a $47,840 balance in the Deferred Tax Liabilit...

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