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The DeVille Company reported pretax accounting income on its income statement as follows:Included in the income of 2011 was an installment sale of property in the amount of $50,000. However, for tax purposes, DeVille reported the income in the year cash was collected. Cash collected on the installment sale was $20,000 in 2012, $25,000 in 2013, and $5,000 in 2014.Included in the 2013 income was $15,000 interest from investments in municipal bonds.The enacted tax rate for 2011 and 2012 was 30%, but during 2012 new tax legislation was passed reducing the tax rate to 25% for the years 2013 and beyond.
Required:
Prepare the year-end journal entries to record income taxes for the years 2011-2014.
Preferred dividends declared 30,000 Common dividend declared 6,000 Unrealized holding loss, net of tax 3,000 Retained earnings, beginning balance 240,000 Common stock 120,000 Accumulated Other Comprehensive Income, Beginning Balance 15,000 What would..
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