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A corporation has a $42.000 credit balance in the Income Tax Payable account. Period end...

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Accounting

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A corporation has a $42.000 credit balance in the Income Tax Payable account. Period end information shows that the actual liability is $50,000. The company should record an entry to debit Income Tax Expense for $8.000 and credit Income Taxes Payable for $8,000. O True False

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