Business, 11.07.2019 22:30 juanitarodrigue

Shannon polymers uses straight-line depreciation for financial reporting purposes for equipment costing $720,000 and with an expected useful life of 4 years and no residual value. for tax purposes, the deduction is 40%, 30%, 20%, and 10% in those years. pretax accounting income the first year the equipment was used was $820,000, which includes interest revenue of $22,000 from municipal bonds. other than the two described, there are no differences between accounting income and taxable income. the enacted tax rate is 40%. prepare the journal entry to record income taxes.

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