Downstairs Corp. has $180,000 of income before income taxes, a 40% tax rate, and $90,000 of taxable

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Downstairs Corp. has $180,000 of income before income taxes, a 40% tax rate, and $90,000 of taxable income. Provide the journal entry for the current year’s taxes.

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Accounting

ISBN: 978-0324662962

23rd Edition

Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren

Question Posted: Dec 10, 2011 10:16 AM

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Downstairs Corp. has $180,000 of income before income taxes, a 40% tax rate, and $90,000 of taxable

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Income Tax Expense 72000 Income Tax Payable 36000 Def...View the full answer

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