Essay
Company P had pretax profit of $30,000 in 20X0 and $34,000 in 20X1. A revenue of $2,000 was included correctly on the 20X0 income statement and was properly reported on the 20X1 income tax return. The corporate income tax rate was 25%. Give the entries relating to the incurrence of the tax liability for 20X0 and 20X1: 20X0: 20X1:
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20X0: \[\begin{array} { | l | r | r | } ...View Answer
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