Income Taxes Journal Entry
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Tazmania Inc. had pretax financial income of $154,000 in 2007. Included in the computation of that amount is insurance expense of $4,000 which is not deductible for tax purposes. In addition, depreciation for tax purposes exceeds accounting depreciation by $14,000. Prepare Tazmania's journal entry to record 2007 taxes, assuming a tax rate of 45%.
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Solution Summary
This solution shows step-by-step calculations to determine the taxable income, income tax expense, and income tax payable.
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