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Compute what is the amount of income tax

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Reference no: EM132650126

Question 1: Does the company have an ethical benefits?

The following journal entry summarizes for the current year the income tax expense of Sophie's SE 10.14 Software Warehouse: income Taxes Income Tax Expense .. 1,500,000 Cash . ..... 960,000 Income Tax Payable . . ... 330,000 Deferred Income Tax . . . . 210,000 To record income tax expense for the current year. Of the deferred income taxes, only $30,000 is classified as a current liability.

Question 2: Define the term deferred income tax.

Question 3: What is the amount of income tax that the company has paid or expects to pay in conjunction with its income tax return for the current year?

Question 4: Illustrate the allocation of the liabilities shown in the above journal entry between the clas- sifications of current liabilities and long-term liabilities.

Reference no: EM132650126

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