On 31 December 2019, the income summary account has a $5,000,000 debit total and $15,000,000...
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Accounting
On 31 December 2019, the income summary account has a $5,000,000 debit total and $15,000,000 credit total before the tax expense of the year. Corporate Income Tax rate is 15 % and the company has to allocate 5% of legal reserves. Make the required journal entries.
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