A company reports 2021 pretax accounting income of $14 million, but because of a single...
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Accounting
A company reports 2021 pretax accounting income of $14 million, but because of a single temporary difference, taxable income is only $9 million. No temporary differences existed at the beginning of the year, and the tax rate is 25%. Prepare the appropriate journal entry to record income taxes. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50).) View transaction list Journal entry worksheet Record the income tax. Note: Enter debits before credits. Transaction General Journal Debit Credit 1
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