Question: Prepare the entry to record income taxes on December 31
Prepare the entry to record income taxes on December 31, 2011, assuming that Jason Corporation’s income tax expense is $120,000 and that it owes $80,000 in income taxes to the government. Prepare the journal entry to record income taxes on December 31, 2011. Tell where each of the accounts in your entry will appear in the financial statements assuming that the difference between income tax expense and income taxes owed is due to differences in depreciation on equipment for financial reporting and for income tax calculation.
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