Sera Corporation has made and recorded its quarterly income tax payments. After a final review of taxesfor the year, the company identifies an additional $40,000 of income tax expense that should be recorded.A portion of this additional expense, $6,000, is deferred for payment in future years. Record Sera’s yearendadjusting entry for income tax expense.
Sera Corporation has made and recorded its quarterly income tax payments. After a final review of taxesfor the year, the company identifies an additional $40,000 of income tax expense that should be recorded.A portion of this additional expense, $6,000, is deferred for payment in future years. Record Sera’s yearendadjusting entry for income tax expense.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Sera Corporation has made and recorded its quarterly income tax payments. After a final review of taxes
for the year, the company identifies an additional $40,000 of income tax expense that should be recorded.
A portion of this additional expense, $6,000, is deferred for payment in future years. Record Sera’s yearend
adjusting entry for income tax expense.
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