Piper Inc.'s income before taxes is $550,000 and its tax rate is 40%.Piper included $30,000 of interest from municipal bonds in the $550,000.There are no other book-tax differences.Prepare the journal entry to record income tax expense and a reconciliation of the statutory tax rate to the effective tax rate.

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The Answer of Piper Inc.'s income before taxes is $550,000 and its tax rate is 40%.Piper included $30,000 of interest from municipal bonds in the $550,000.There are no other book-tax differences.Prepare the journal entry to record income tax expense and a reconciliation of the statutory tax rate to the effective tax rate.

Piper Inc'S Income Before Taxes Is $550,000 and Its Tax Rate