Business, 14.10.2020 01:01 jonesromari

In 20X1, Modern Property Groups collected rent revenue for 20X2 tenant occupancy. For financial reporting, the rent is recorded as deferred revenue and then recognized as income in the period tenants occupy rental property. But for income tax reporting it is taxed when collected. The deferred portion of the rent collected in 20X1 was $40,000. Taxable income is $100,000. No temporary differences existed at the beginning of the year, and the tax rate is 30%. The journal entry to record income taxes at the end of 20X1 includes (Select all that apply.)

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In 20X1, Modern Property Groups collected rent revenue for 20X2 tenant occupancy. For financial repo...

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