Case Development began operations in December 2021. When property is sold on...
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Accounting
Case Development began operations in December When property is sold on an installment basis, Case recognizes installment income for financial reporting purposes in the year of the sale. For tax purposes, installment income is reported by the installment method. installment income was $ and will be collected over the next three years. Scheduled collections and enacted tax rates for are as follows: $ Pretax accounting income for was $ which includes interest revenue of $ from municipal governmental bonds. The enacted tax rate for is Required:
Assuming no differences between accounting income and taxable income other than those described above, prepare the appropriate journal entry to record Cases income taxes.
What is Cases net income?
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