On 30 June 2016,LMO Ltd calculates that its 2016 income taxes are $4 570 000 with the payment due in July 2016.What is the journal entry made by LMO Ltd on 30 June 2016?
A) Dr Income tax payable Cr Income tax expense
B) Dr Income tax expense Cr Cash
C) Dr Income tax payable Cr Cash
D) None of the answers provided
Correct Answer:
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