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In the current year, Madison Corporation had $50,000 of taxable income at a tax rate of 25%. During the year, Madison began offering warranties on its products and has a warranty liability for financial reporting purposes of $5,000 at the end of the year. Warranty expenses are not deductible until paid for income tax purposes.1.Prepare the journal entry to record Madison's income taxes at the end of the year. If an amount box does not require an entry, leave it blank.2. Prepare the additional journal entry necessary for Madison Corporation assuming that the corporation decides that it is "more likely than not" that $500 of the $5,000 future deductible amount will not be realized.
what is general legacy
RSC Designs quarterly selling and distribution expenses are $100,000 including ($10,000 depreciation), and are expected to be paid in the quarter incurred. Quarterly administrat
how to do it in samply form?
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For what EDP is using in accounting
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Terry Corporation had 300,000 shares of common stock outstanding at December 31, 2010. In addition, it had 90,000 stock options outstanding, which had been granted to certain execu
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