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CHAPTER 16 (1.) A company reports pretax accounting income of $16 million, but because of...

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Accounting

CHAPTER 16 (1.)

A company reports pretax accounting income of $16 million, but because of a single temporary difference, taxable income is only $12 million. No temporary differences existed at the beginning of the year, and the tax rate is 40%. Prepare the appropriate journal entry to record income taxes.

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