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Prepare the journal entry to record income tax expense

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Question - ABC Company, at the end of its first year of operations, prepared a reconciliation between pretax financial income and taxable income as follows:

Pretax financial income $200,000

Depr on tax in excess of FS (300,000)

Estimated litigation expense 500,000

Taxable Income $400,000

Required - Prepare the journal entry to record income tax expense, income tax payable and any accompanying deferred assets or liabilities. Assume a 30% tax rate.

Reference no: EM132488311

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