Sera Corporation has made and recorded its quarterly income tax payments. After a final review of taxes

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Sera Corporation has made and recorded its quarterly income tax payments. After a final review of taxes for the year, the company identifies an additional $ 40,000 of income tax expense that should be recorded. A portion of this additional expense, $ 6,000, is deferred for payment in future years. Record Sera’s year-end adjusting entry for income tax expense.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Fundamental accounting principle

ISBN: 978-0078025587

21st edition

Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta

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