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Apple Inc reports pretax accounting income of $1,200,000. Due to a single temporary difference, taxable...

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Accounting

Apple Inc reports pretax accounting income of $1,200,000. Due to a single temporary difference, taxable income is $750,000. This is Apple Incs first year of operations, and the tax rate is 25%.

  1. Prepare Apple Incs journal entry/entries to record income taxes.
  2. What is Apple Incs Net Income for the year?
  3. What will Apple report on their Balance Sheet for year 1 regarding income taxes?

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