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Prepare the journal entry for income taxes

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Reference no: EM132906824

Question - Mermaid began operations in 1986. Mermaid has no book tax differences. Recent net income before taxes and income tax rates were as follows:

Year Income (loss) Tax Rate

2018 87,000 25%

2019 92,000 25%

2020 (217,000) 20%

2021 15%

Required - Prepare the journal entry for income taxes.

Reference no: EM132906824

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