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Business, 29.03.2021 20:00 julie47d

The following information is for James Industries' first year of operations. Amounts are in millions of dollars. Year Future Taxable AmountsFuture Amounts 202020212022 2023 2024Total Accounting income$130 Temporary difference: Advance rent payment (40)$10.00 $10.00 $10.00 $10.00 $40.00 Taxable income$90 In 2021 the company's pretax accounting income was $88.0. The enacted tax rate for 2020 and 2021 is 25%, and it is 30% for years after 2021. Required: Prepare a journal entry to record the income tax expense for the year 2021.

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The following information is for James Industries' first year of operations. Amounts are in millions...

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