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Automatic Train Company, whose income tax rate is 40%, has taxable income of $856,000 and

Automatic Train Company, whose income tax rate is 40%, has taxable income of $856,000 and pretax accounting income of $813,000. The entry to record the income tax includes a:

A) credit to Future Tax Liability for $17,200

B) debit to Future Tax Asset for $17,200

C) credit to Income Tax Payable for $325,200

D) debit to Income Tax Expense for $342,400

12) European Rail Corporation, whose income tax rate is 40%, has taxable income of $815,000 and pretax accounting income of $846,000. The entry to record the income tax includes a:

A) credit to Future Tax Liability for $12,400

Dec 09 2019 View more View Less

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