Business, 26.11.2019 06:31, ImGoodAtLife7797

North dakota corporation began operations in january 2017 and purchased a machine for $15,000. north dakota uses straight-line depreciation over a four-year period for financial reporting purposes. for tax purposes, the deduction is 50% of cost in 2017, 30% in 2018, and 20% in 2019. pretax accounting income for 2017 was $145,000, which includes interest revenue of $17,500 from municipal bonds. the enacted tax rate is 30% for all years. there are no other differences between accounting and taxable income.

required:

prepare a journal entry to record income taxes for the year 2017. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)

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North dakota corporation began operations in january 2017 and purchased a machine for $15,000. north...