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S11-8 (Learning Objective 2: Accounting for a corporation’s income tax) Pensacola Marine, Inc., had income before income tax of $110,000 and taxable income of $90,000 for 20X8, the company’s first year of operations. The income tax rate is 40%. 1. Make the entry to record Pensacola Marine’s income taxes for 20X8. (pp. 593–594) 2. Show […]