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Question: Company reports a loss in 2014 of $590,000. The company reported a taxable income of $123,000 in 2012 &. $232,000 in 2013. It has no permanent or temporary differences and it's tax rate is 34%. What are the necessary journal entries for 2014? Company reported it taxable income of $253,000 in 2015. What is the journal entry for 2015?

Options are deferred tax asset income tax benefit income tax expense income tax payable income tax refund receivable taxable income taxable loss.

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Accounting Basics, Accounting

Category:- Accounting Basics
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