The estimated litigation expense of 1,250,000 will be deductible in a tax report in 2023...
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Accounting
The estimated litigation expense of 1,250,000 will be deductible in a tax report in 2023 when it is expected to be paid. The gross profit from the installment sales will be realized in a tax report in the amount of 500,000 in each of the next two years. The income tax rate is 30% for all years.
make a journal entry to record the income taxes at the end of 2021.
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