Differences existed at the beginning of the year


A company reports pretax accounting income of $10 million, but because of a single temporary difference, taxable income is only $7 million. No temporary differences existed at the beginning of the year, and the tax rate is 40%.Prepare the appropriate journal entry to record income taxes.

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Accounting Basics: Differences existed at the beginning of the year
Reference No:- TGS0700721

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