Durn Company began operations at the beginning of 2013. At the end of 2013, Durn reported taxable

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Durn Company began operations at the beginning of 2013. At the end of 2013, Durn reported taxable income of $9,800 and pretax financial income of $11,200 because of a single temporary difference.

The income tax rate for the current year is 30%, but Congress has enacted a 40% tax rate for 2014 and beyond.

Required:

Prepare Durn's income tax journal entry at the end of 2013.

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Intermediate Accounting Reporting and Analysis

ISBN: 978-1111822361

1st edition

Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach

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Question Posted: Sep 11, 2016 11:32 AM

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Durn Company began operations at the beginning of 2013. At the end of 2013, Durn reported taxable

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2013 Dec 31 Income Tax Expense 2940 560 ...View the full answer

Intermediate Accounting Reporting and Analysis

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