Sara Lee Corporation owns the following brands: Ball Park franks, Sara Lee bakery goods, Hillshire Farm, Jimmy

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Sara Lee Corporation owns the following brands: Ball Park franks, Sara Lee bakery goods, Hillshire Farm, Jimmy Dean, Kiwi shoe care products, and many other products. Information relating to the company€™s deferred taxes is shown on the following page.

Sara Lee Corporation owns the following brands: Ball Park franks,

Cash payments for income taxes from continuing operations were $378 in 2007, $121 in 2006, and $130 in 2005.
Based on this information, answer the following questions:
1. Provide the journal entry(ies) made by Sara Lee to record the 2007 income tax benefit of $7 million. Remember to allocate the expense and benefit between current and deferred.
2. Provide the journal entry made by Sara Lee to record the payment of income taxes during the year2007.

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Related Book For  answer-question

Intermediate Accounting

ISBN: 978-0324592375

17th Edition

Authors: James D. Stice, Earl K. Stice, Fred Skousen

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