Record the income tax., A company reports pretax accounting

Record the income tax.

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Reference no: EM131295712

A company reports pretax accounting income of $10 million, but because of a single temporary difference, taxable income is only $8 million. No temporary differences existed at the beginning of the year, and the tax rate is 35%.

Prepare the appropriate journal entry to record income taxes.

1. Record the income tax.

Reference no: EM131295712

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