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On 31 December 2019, income summary account has $5,000,000 debit total and $15,000,000 credit total before...

On 31 December 2019, income summary account has $5,000,000 debit total and $15,000,000 credit total before tax expense of the year. Corporate Income Tax rate is 15 % and company has to allocate 5% of legal reserves.

Make required journal entries. (10 points)

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ekkarill92 answered 2 years ago
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