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Prepare the journal entry to record deferred income taxes

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Reference no: EM132842431

Oxford Corporation began operations in 2017 and reported pretax financial income of $225,000 for the year. Oxford's tax depreciation exceeded its book depreciation by $40,000. Oxford's tax rate for 2017 and years thereafter is 30%.

Problem 1: Prepare the journal entry to record income tax expense, deferred income taxes, and income tax payable.

Reference no: EM132842431

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