QUESTION 4 10 points Save Answer North Dakota Corporation began operations in January 2017 and...
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QUESTION 4 10 points Save Answer North Dakota Corporation began operations in January 2017 and purchased a machine for $20,000. North Dakota uses straight line depreciation over a four-year period for financial reporting purposes. For tax purposes, the deduction is 50% of cost in 2017, 30% in 2018, and 20% in 2019. Pretax accounting income for 2017 was $150,000, which includes interest revenue of $20,000 from municipal bonds. The enacted tax rate is 30% for all years. There are no other differences between accounting and taxable income Required: Prepare a jounal entry to record income taxes for the year 2017. Show wel-labeled computations for the amount of income tax payable and the change in the deferred tax account. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac), T T T Arial 3(12pt) Words:0 Path: p Saved 5 points
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