Saunders Inc., reported pretax accounting income of $100,000 during the current year, which included $10,000 interest from investments in municipal bonds. The enacted tax rate is 25%. Prepare the appropriate journal entry to record the company’s income taxes for the current year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Answer rating: 100% (QA)

Accounting income before taxes 100000 Interest earned on municipal bonds 10... View the full answer