Prepare the compound journal entry to record income taxes

Reference no: EM131971748

Problem

Roberts Corp. reports pretax accounting income of $202,000, but due to a single temporary difference, taxable income is only $151,000. At the beginning of the year, no temporary differences existed. Roberts is subject to a tax rate of 40%.

Required:

Prepare the compound journal entry to record Roberts Corp.'s income taxes.

Reference no: EM131971748

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