EZ, Inc., reports pretax accounting income of $427,000, but due to a single temporary difference, taxable income
is $530,000. At the beginning of the year, no temporary differences existed. EZ is subject to a tax rate of 35%.
Prepare the appropriate journal entry to record EZ’s income taxes. (If no entry is required for a transaction/event, select “No journal entry required” in the first account field.)
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