Question: Please check snips for question In the current year, Bruno Corporation collected rent of $3,650,000. For income tax reporting, the rent is taxed when collected.

Please check snips for question

Please check snips for question In the current
In the current year, Bruno Corporation collected rent of $3,650,000. For income tax reporting, the rent is taxed when collected. For financial reporting, the rent is recognized as income in the period earned. At the end of the current year, the unearned portion of the rent collected in the current year amounted to $410,000. Bruno had no temporary differences at the beginning of the current year. Assume an income tax rate of 25%. Required: The current year's income tax liability from the tax return is $810,000. Prepare thejournal entry to record income taxes for the year. (If no entry is required for a transactionlevent, select "Nojournal entry required" in the rst account eld.)

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