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Prepare the appropriate journal entry to record income taxes

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Reference no: EM132612548

Question - A company reports pretax accounting income of $58 million, but because of a single temporary difference, taxable income is only $31 million. No temporary differences existed at the beginning of the year, and the tax rate is 25%.

Required - Prepare the appropriate journal entry to record income taxes.

Reference no: EM132612548

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