The following information is for Hulk Gym's first year of operations. Amounts are in millions...
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Accounting
The following information is for Hulk Gyms first year of operations. Amounts are in millions of dollars. The enacted tax rate is
Year Future Taxable Amounts Future Amounts
Total
Accounting income $
Temporary difference:
Prepaid insurance $ $ $ $ $
Taxable income $
Required:
Prepare a compound journal entry to record the income tax expense for the year
Note: If no entry is required for a transactionevent select No journal entry required" in the first account field. Enter your answers in millions ie should be entered as
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