Question: Procter & Gamble Companys (P&G) net sales in 2011 exceeded $82 billion. On its income statement, P&G reported the following earnings from continuing operations ($

Procter & Gamble Company’s (P&G) net sales in 2011 exceeded $82 billion. On its income statement, P&G reported the following earnings from continuing operations ($ in millions):
Earnings before income taxes .........$15,189
Income taxes .............. 3,392
Net earnings ...............$11,797
Taxes due on 2011 taxable income and payments to the government for income taxes related to operations in 2011 were $3,263 million. Assume that the income tax expense and these income tax payments were the only tax-related transactions during 2011.
Prepare the journal entry that recognizes the income tax expense and the income tax payment.

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