Corporation A has the following income before tax and estimated effective annual income tax rates for the
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Question:
Corporation A has the following income before tax and estimated effective annual income tax rates for the first three quarters of the current year.
Qtr Income before income tax provision Estimate effective annual tax rate at end of qtr
1 $75,000 35%
2 80,000 30%
3 100,000 32%
What is the amount of income tax expense that will be recorded in the second qtr?
What is the amount of income tax that will be recorded in the 3rd qtr?
What is the amount of income tax payable that will be reported in the third quarter interim financial statements?
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