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C D E Answer Sr. No.
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Journal Entry Account Title and Explanation 1 Income Tax Expense Income Taxes Payable (To record income tax expense) Debit Credit 22500 22500 Note Interest Income on Municiple bonds are tax free ? So income tax expense = (Accounting income pretax - interest income on municiple bonds)* tax rate = (100000-10000)*25% = $22500 Thank You
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