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Prepare the tax entries for 1996 in accordance with sfas

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Reference no: EM13506377

Assume that in 1996 accounting income is $2,000. There is one new temporary difference: installment sale income of $350 is recognized in 1996 but will not be taxed until 1997 when the cash is collected.

Required:

Prepare the tax entries for 1996 in accordance with SFAS No. 109.

Reference no: EM13506377

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