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At the end of its first year of operations, Prince Charming Corporation had a current...

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Accounting

At the end of its first year of operations, Prince Charming Corporation had a current liability of $450,000 for unearned rent. This was the only difference between pretax accounting income and taxable income. Assume an income tax rate of 35%.

The tax liability from the tax return is $800,000. Prepare the journal entry to record income taxes for the first year of operations. Show computations.

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