Global,Inc.provides consulting services throughout the world.The company pays taxes to the nation where revenues are earned.Information about the company's taxes are presented below:
Required:
a.Using the information provided for Global,prepare the company's journal entry to record income taxes for 2012 and 2011.
b.Using the information provided for Global,determine the company's effective tax rate for 2012 and 2011.
Definitions:
Approve
To officially agree to or sanction something, often through a formal process.
Merger
The combination of two or more companies into a single entity, often with the goal of expanding market share or reducing competition.
Merger Plan
is a documented strategy that outlines the process and goals of merging two or more companies into one entity, including the financial, operational, and legal implications.
Subsidiary's Shareholders
Subsidiary's Shareholders are individuals or entities that own shares or stock in a subsidiary company, which is a company controlled by another business, known as the parent company.
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