Prepare the journal entry for income taxes

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Question - Dog began operations in 1912. Dog has no book tax differences. Recent net income before taxes and income tax rates were as follows:

Year Income (loss) Tax Rate

2016 32,000 25%

2017 34,000 25%

2018 (216,000) 25%

2019 58,000 25%

2020 96,000 20%

2021 15%

Required - Prepare the journal entry for income taxes.

Reference no: EM132908155

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