Eastwich Corporation has pretax accounting income of $5,900,000 and taxable income of $5,820,000. The company's income tax rate is 20%. The journal entry to record the income tax includes a:
A) debit to Deferred Tax Asset $16,000.
B) credit Income Tax Payable $1,180,000.
C) credit to Deferred Tax Liability $16,000.
D) debit Income Tax Expense $1,164,000.
Correct Answer:
Verified
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