For its first year of operations, Otter Corporation's computation of taxable income is as followsPretax...
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Accounting
For its first year of operations, Otter Corporation's computation of taxable income is as followsPretax financial income $835,000 Less: Tax exempt interest revenue on municipal bonds -110,000Less: Excess of tax depreciation over financial depreciation -100,000Taxable income $625,000 Statutory tax rate 32%
What is the journal entry that Otter should record for its income tax provision?
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