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Ad libitum [116K]
2 years ago
9

The information below pertains to Basselier, Inc.:

Business
1 answer:
wel2 years ago
4 0

Answer and Explanation:

The journal entry to record the tax provision is given below:

Income tax expenses $48,840,000

Deferred tax assets ($10,900,000 ×0.40) $4,360,000

        To Deferred tax liability (($15,900,000 + $1,900,000)×0.40) $7,120,000

          To Income tax payable ($129,000,000 ×0.40) $51,600,000

(To record income tax expenses)  

Here the income tax expense and deferred tax asset should be debited as it increased the asset and expenses and credited the liability & tax payable as it increased the liability  

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