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Prepare the journal entry to record income tax suspense

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Question - Oxford Corporation began operations in 2017 and reported pretax financial income of $225,000 for the year. Oxford's tax depreciation exceeded its book depreciation by $40,000. Oxford's tax rate for 2017 and years thereafter is 30%

Prepare the journal entry to record income tax suspense, deferred income taxes, and income tax payable.

Reference no: EM132482066

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