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Oxford Corporation began operations in 2012 and reported pretax financial income of $225,000 for the year. Oxford's tax depreciation exceeded its book depreciation by $40,400, assuming this is the only difference between Oxford's pretax financial income and taxable income. Oxford's tax rate for 2012 and years thereafter is 30%. Prepare the journal entry to record the income tax expense, deferred income taxes, and income tax payable.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9989697

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