Question

A company reports pretax accounting income of $10 million, but because of a single temporary difference, taxable income is only $7 million. No temporary differences existed at the beginning of the year, and the tax rate is 40%. Prepare the appropriate journal entry to record income taxes.



$1.99
Sales2
Views415
Comments0
  • CreatedJuly 05, 2013
  • Files Included
Post your question
5000