Question: Nolan Inc had taxable income of 400 000 in 2011 Its

Nolan Inc. had taxable income of $400,000 in 2011. Its effective tax rate is 35 percent. Nolan pays its 2011 income taxes on April 15, 2012.

Required:
1. Given this information, determine the adjusting journal entry that Nolan must make on
December 31, 2011.
2. Prepare the journal entry to record the tax payment.

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  • CreatedSeptember 22, 2015
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