(Answered) Question - parker company identifies depreciation as the

Accounting

Question - Parker Company identifies depreciation as the only difference for future taxable amounts. In Year 1, its depreciation for financial reporting purposes is $9,000 and $10,500 for income tax reporting purposes. Parker has an income tax rate of 35%. Assume that Parker's taxable income for Year 1 is $150,000.

Required: Prepare the journal entry to record Parker's income tax expense.

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