Business, 02.04.2020 02:21 nathanbarbry

A company reports 2021 pretax accounting income of $70 million, but because of a single temporary difference, taxable income is only $37 million. No temporary differences existed at the beginning of the year, and the tax rate is 25%.

Required:

1. Prepare the appropriate journal entry to record income taxes. (If no entry is required for a particular event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (i. e., 5,500,000 should be entered as 5.5).)

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A company reports 2021 pretax accounting income of $70 million, but because of a single temporary di...

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