At Their Fiscal Year End,Lorax Corp Has an (Unadjusted)$62,000 Credit

question 46

True/False

At their fiscal year end,Lorax Corp has an (unadjusted)$62,000 credit balance in their Income Tax Payable account.However,a review reveals that the actual liability is $70,000.Lorax Corp should prepare an adjusting entry to debit Income Tax Expense for $8,000 and credit Income Taxes Payable for $8,000.

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