Answer:
the answer given below;
Explanation:
$60 million *25%=$15 million will be tax expense
Income Tax Expense-Current Dr.$15 million
Income Tax Payable Cr.$15 million
For temporary difference on liability, the journal entry will be
Deferred tax expense ($4*25%) $1 million
Deferred Tax liability $1 million
Credit unions<span> are typically owned and run by members and </span>credit unions<span> limit membership to certain people or groups. </span>
