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A corporation has a $40,000 credit balance in the Income Tax Payable account. Period end...

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Accounting

A corporation has a $40,000 credit balance in the Income Tax Payable account. Period end information shows that the actual liability is $47,000. The company should record an entry to debit Income Tax Expense for $7,000 and credit Income Taxes Payable for $7,000. Question 11 options: True False

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