Bridgeport Inc. had pretax financial income of $139,400 in 2020. Included in the computation of that amount is insurance expense of $4,400 which is not deductible for tax purposes. In addition, depreciation for tax purposes exceeds accounting depreciation by $10,000. Prepare Bridgeport's journal entry to record 2020 taxes, assuming a tax rate of 25%.
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Home » Business » Bridgeport Inc. had pretax financial income of $139,400 in 2020. Included in the computation of that amount is insurance expense of $4,400 which is not deductible for tax purposes.