Eason Company began operations on January 1, 2007, and reported net income of $260,000 during...
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Eason Company began operations on January 1, 2007, and reported net income of $260,000 during the year. Eason had a taxable income of $350,000 for 2007. The difference between the reported net income and taxable income will reverse in 2008. The reported net income for 2008 was $405,000. There were no other temporary differences. The tax rate is 35% for both years. Prepare the journal entries to record the tax expense, deferred taxes, and taxes payable for 2007 and 2008, respectively.
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