Question: Determine amount of monthly interim payments (MIP) that a company with sales of 2,600 million , profits of 280 million and a tax rate of

Determine amount of monthly interim payments (MIP) that a company with sales of 2,600 million, profits of 280 million and a tax rate of 20% should project to pay in 2023. Company also budgets to increase its sales and profits, both by 10%.

Note: Assume that date for determining this amount is January 10.

Record accounting entry for entire transaction.

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