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Business, 26.11.2019 17:31 oliviakate9230

Acompany reports pretax accounting income of $10 million, but because of a single temporary difference, taxable income is only $7 million. no temporary differences existed at the beginning of the year, and the tax rate is 40%.

prepare the appropriate journal entry to record income taxes. (if no entry is required for a particular event, select "no journal entry required" in the first account field. enter your answers in millions rounded to 1 decimal place (i. e., 5,500,000 should be entered as 5.

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