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Prepare the adjusting entry on december to record accrual

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Problem 1: At year-end, December 31, the actual income tax for 2020 was determined to be $291,420. Prepare the adjusting entry on December 31 to record the accrual (assume 11 months have been accrued to date in 2020). Record the payment on January 1, 2021.

Reference no: EM133000818

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