Business, 03.04.2020 22:28 rosieanneanney
Crane Company made the following journal entry in late 2021 for rent on property it leases to Danford Corporation. Cash 161000 Unearned Rent Revenue 161000 The payment represents rent for the years 2022 and 2023, the period covered by the lease. Crane Company is a cash basis taxpayer. Crane has income tax payable of $241000 at the end of 2021, and its tax rate is 25%. What amount of income tax expense should Crane Company report at the end of 2021?
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