Create the journal entry to record the 2010 income tax

Reference no: EM1374793

A company's income statement reported total income of $80,000 during 2010. The income tax return excluded a revenue item of $10,000 (reported on income statement) because under tax laws the $10,000 would not be reported for tax purposes until 2011.

Create the journal entry to record the 2010 income tax expense assuming a 40 percent tax rate

Reference no: EM1374793

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