The durn company began operations at the beginning of 2010, Ask an Expert

Accounting

The Durn Company began operations at the beginning of 2010. At the end of 2010 the company reported taxable income of $9,800 and financial income of $11,200, because of a single temporary difference. The income tax rate for the current year is 30%, but Congress has enacted a 40% tax rate for 2011 and beyond.

Required
Prepare the income tax journal entry of the Durn Company at the end of 2010.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9977098

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