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Question: 901 1 lte homework1 homework charolaise had 55000 of net...

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9:01 1 LTE Homework+1 Homework Charolaise had $55,000 of net income before tax in their first year of operations. The only income or expense that was recognized differently for book and tax purposes was the method in which they recognized revenue. Charolaise used percentage of completion for book purposes and completed contract method for tax purposes. Contract revenue for book was $92,000 and $62,000 for tax. The tax rate was 30%. Prepare the journal entry for income taxes for the current year Simmental had $72,000 of book income before tax in 2018, their first year of operations. The only difference between book and tax income was their calculation of cost of goods sold. Book cost of goods sold was $186,000 and tax cost of goods sold was $212,000. The income tax rate is 30% in all years. Prepare the journal entry for income taxes
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