Journalize entries for the following income-tax-related transactions for Resnick & Sons Inc. for the year ending June
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Journalize entries for the following income-tax-related transactions for Resnick & Sons Inc. for the year ending June 30, 20Y6:
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20Y5 Oct. 15. Recorded the first quarter estimated tax liability and payment of $100,000. Dec. 15. Recorded the second quarter estimated tax liability and payment of $100,000. 20Y6 June 30. Recorded the additional income tax and deferred income tax liabilities for the year ending June 30, 20Y6, based upon the preceding estimated tax payments and the following data: Income tax rate 28% Income before income taxes" $1,750,000 Taxable income* 1,500,000 Third quarter estimated taxes paid Fourth quarter estimated taxes paid 100,000 100,000
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Date 20Y5 Oct Dec 20Y6 June 15 Income Tax Expense Income Tax Payable 15 Income Tax ...View the full answer
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