Prepare the journal entry to record the income tax prevsion

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Jones Company had financial basis Pretax income of 300000, book basis taxable income of 340,000 and tax basis taxable income of 320,000. The Companys Federal Federal and State statutory tax rate is 35%.

a. Prepare the journal entry to record the income tax prevsion.

b. What is the companys effective tax rate?

Reference no: EM131212951

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