Question: Gosling Company determines its annual income tax expense to be
Gosling Company determines its annual income tax expense to be $459,000. Of that amount, $300,000 has already been paid during the year (on a quarterly basis) and charged to the Income Taxes Expense account. The company has determined that, of the amount that has not yet been paid or recorded, $75,000 will be deferred into future years under certain favorable income tax provisions available to the company. Prepare the end-of-year general journal entry to recognize income taxes accrued.
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