24 ABC Company, at the end of its first year of operations, prepared a reconciliation...
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Accounting
24 ABC Company, at the end of its first year of operations, prepared a reconciliation between pretax financial income and taxable income as follows: Pretax financial income $200,000 Depron tax in excess of FS (300,000) Estimated litigation expense 500,000 Taxable Income $400,000 Prepare the journal entry to record income tax expense, income tax payable and any accompanying deferred assets or liabilities. Assume a 30% tax rate
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