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05-06-2023
Business

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In 2021 DFS medical Supply collected rent revenue for 2022 tenant occupancy. For income tax reporting, the rent is taxed when collected. Gor financial statement reporting, the rent is recorded as deferred revenue and the recognized as revenue in the period tenants occupy the rental proprty, The deferred portion of the rent collected in 2021 amount $310,000. at December 31, 2021. DFS HAD no temporary at the beginning of the year.
Required: Assuming an income tax rate of 25% and 2021 income tax payable of $960,000, prepare the journal entry to record income taxes for 2021.

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