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Provide the required income tax journal entries

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Question - Using the following information, provide the required income tax journal entries at December 31, 2022. In 2021, the first year of operations, a company reports taxable income of $225,000 and paid a tax rate of 28%. It is now the end of the second year, 2022, and the company has a loss of $375,000 for tax purposes. The company's management believes it is probable the company will be able to use up its tax losses. The tax rate is currently 32%.

Reference no: EM133166383

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