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Recording Income Tax Expense with an Uncertain Tax Position Randolph Inc. took a recent...

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Accounting

Recording Income Tax Expense with an Uncertain Tax Position
Randolph Inc. took a recent tax position related to the exclusion of $70,000 from taxable revenue. Randolph determined that this
position is more likely than not to be sustained in future discussions with taxing authorities. Using available information, Randolph Inc.
created the following summary of probabilities of sustaining its tax position.
Required
Assuming taxable income of $350,000(reflecting the exclusion of the $70,000 uncertain tax revenue) and a tax rate of 25%, record the
income tax journal entry.
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