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ABC company reported and following result for its first three years of operations:
2017 income (before income taxes) $50,000
2018 loss (before income taxes) (270,000)
2019 income (before income taxes) 200,000
there were no permanent or reversible differences during these three years. Assume an income tax rate of 30% for 2017,2018,2019, and that any deferred tax assets recognized is more likely than not to be realized. ABC reports under IFRS.
Question 1: Prepare the Journal entry required to report income tax in 2018.
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A $900,000 bond was retired at 98 when the carrying value of the bond was $888,000. The entry to record the retirement would include a
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