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Prepare shelly journal entry to record taxes

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Reference no: EM131961338

Question - Shelly Inc. had a pretax financial income of $178,010 in 2014. Included in the computation of that amount is insurance expense of $ 3,850 which is not deductible for tax purposes. In addition, depreciation for tax purposes exceeds accounting depreciation by $16,600.

Prepare Shelly's journal entry to record 2014 taxes, assuming a tax rate 40%.

Reference no: EM131961338

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