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Matrix Corporation estimated at the beginning of 20-- that its income tax for the year would be $140,000. Calculate the estimated income tax payment per quarter and show one of the quarterly entries to pay the taxes. As of December 31, 20--, Matrix Corporation had an actual tax liability of $143,200. Calculate the income tax due and make the necessary adjusting entry.
Stipulating
Specifying a requirement or condition in an agreement or proposition.
Written Communication
The process of conveying messages or information through the written word.
Face-To-Face Conversation
Direct communication between two or more individuals in the same physical space, allowing for verbal and non-verbal cues.
Misunderstanding
A failure to understand correctly; an incorrect interpretation or perception of a statement, situation, or intention.
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