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Lafayette Optics, a U.S. GAAP reporter, began business in 2018 and billed, but did not...

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Lafayette Optics, a U.S. GAAP reporter, began business in 2018 and billed, but did not yet collect, $550,000 in revenue. In addition to its 2018 sales revenue, Lafayette Optics received $42.000 of municipal bond interest revenue. Lafayette Optics did not incur any expenses during the year. The company is subject to a 40% income tax rate. What journal entries are required to record the revenues and the related income tax for the year? C... Begin by preparing the journal entry to record the sales revenue for the year 2018. Do not record the entry for the interest revenue. We will do that in the next step. (Record debits first, then credits. Exclude explanations from any journal entries.) Account 2018

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