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Prepare Arrow income tax journal entry at the end

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Problem - Future Taxable Amount Arrow Company began operations at the beginning of 2019. At the end of 2019, Arrow reported taxable income of $20,800 and pretax financial income of $22,200 because of a single temporary difference. The income tax rate for the current year is 30%, but Congress has enacted a 40% tax rate for 2020 and beyond.

Required - Prepare Arrow's income tax journal entry at the end of 2019.

Reference no: EM132891047

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