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P19-2 - P192 By:ShanePotter,SabrinaSlate,Jennifer...

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Click to edit Master subtitle style 4/18/11 P19-2 By: Shane Potter, Sabrina Slate, Jennifer  Sinches, Samantha Bradley, & Irena  Novruzova
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4/18/11 Introduction to 19-2 P19-2 (One Temporary Difference, Tracked for 4  Years, One Permanent Difference, Change in Rate) The pretax financial income of Parker-Gregory Company  differs from its taxable income throughout each of 4 years  as follows . Pretax financial income for each year includes a  nondeductible expense of $30,000 Year Pretax Financial  Income Taxable  Income Tax Rate 2007 280,000 180,000 35% 2008 320,000 225,000 40%
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4/18/11 Instructions   Prepare journal entries to record income taxes in  all 4 years. Assume that the change in the tax  rate to 40% was not enacted until the beginning  of 2008. Prepare the income statement for 2008,  beginning with income before income taxes.
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4/18/11 Part A  
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P19-2 - P192 By:ShanePotter,SabrinaSlate,Jennifer...

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