Shrunk Inc. has recorded all necessary adjusting entries, except for income tax expense, at its fiscal year

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Shrunk Inc. has recorded all necessary adjusting entries, except for income tax expense, at its fiscal year end, July 31, 2014. The following information has been taken from the adjusted trial balance:
Shrunk Inc. has recorded all necessary adjusting entries, except for

All accounts have normal balances and total assets equal $817,500. Shrunk has a 20% income tax rate.
Instructions
Prepare a multiple-step income statement and the required journal entry to adjust income tax expense.

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Accounting Principles Part 3

ISBN: 978-1118306802

6th Canadian edition Volume 1

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow

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