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Captain's Catering had temporary differences related to the following future (deductible) or taxable amounts on December 31, 2020:
a) Prepaid Expenses $12,000
b) Depreciation Expense $45,000 and
c) Warranty Expense ($24,000).
There were no temporary differences on January 1, 2021. Taxable income was $40,000; Captain's Catering had $100,000 of pretax accounting income. The tax rate is 35%.
Problem 1: Prepare the journal entry to record income taxes for 2020.
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