Joseph Nicephore Niepce worked on the invention with his brother, Claude. Once Claude had moved to England, Joseph worked on the camera on his own, due to the huge craze of lithography. He began printing with lithographic printmaking because he couldn't do it by hand.

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During 2024, its first year of operations, Baginski Steel Corporation reported a net operating loss of $450,000 for financial re

Vsevolod [243]

The journal entry to recognize Baginski’s 2025 tax expense includes a Debit to Income tax expense and Credit to Income tax payable.

<h3>What is a tax expense or benefit?</h3>

The tax expense refers to the total amount of taxes owed by an individual, corporation or other entity to a taxing authority while the tax benefit refers to the refers to any tax law that helps one reduce tax liability.

In accounting, the companies record an income tax expense as a debit and income tax payable as a credit in journal entries.

<h3>Journal entry to recognize Baginski’s 2025 tax expense or tax benefit.</h3>

Date General Journal Debit Credit

Income tax expense $62,500

($250,000 * 25%)

Income tax payable $62,500

(To record the tax expense for 2025)