(L.OBJ. 8) Accounting for income tax [5—10 min]
Foxey Flowers had income before income tax of $85,000 and taxable income of $75,000 for 2010, the company’s first year of operations. The income tax rate is 35%.
Requirements
1. Make the entry to record Foxey’s income taxes for 2010.
2. Show what Foxey Flowers will report on its 2010 income statement, starting with income before income tax.
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