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Record the necessary income tax related journal entries

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Question - Bobo's Balloons Inc. has pre-tax income of $150,000 at the end of 2019. The tax rate is 15%. The firm has two temporary differences. One temporary difference of $20,000 is the result of unrealized holding gains. The other temporary difference of $10,000 is the result of advance rental receipts.

Instructions - Record the necessary income tax related journal entries.

Reference no: EM132620622

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