The following information was taken from the annual report of Leno Inc.
Based on this information, what journal entry should Leno make in 2010 to record its income taxes? 
Definitions:
Long-Run Scale
Refers to the time period in which all factors of production and costs are variable, allowing companies to adjust all inputs in response to market conditions.
Short-Run
A period in which at least one input is fixed, limiting the firm's capacity to adjust to changes in demand or market conditions.
Positive Profits
Financial gains that are greater than zero, indicating a company's revenues exceed its costs and expenses.
Variable Costs
Costs that change in proportion to the activity or volume of business, such as materials and labor.
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