Essay
Itchy Company's actual earnings for the first two quarters of 2017 and its estimate during each quarter of its annual earnings are:
Itchy Company estimated its permanent differences between accounting income and taxable income for 2017 as:
These estimates did not change during the second quarter.The combined state and federal tax rate for Itchy Company for 2017 is 40%.
Required:
Prepare journal entries to record Itchy Company's provisions for income taxes for each of the first two quarters of 2017.
Correct Answer:
Verified
Correct Answer:
Verified
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