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The most basic solution in the figure shown below is
Income Tax Liability
The total amount of income tax that an individual or corporation owes to tax authorities.
Income Tax Expense
Income tax expense is the amount of expense that a business recognizes in a given accounting period for the taxes associated with its taxable income.
Journal Entry
A record of a financial transaction in the accounting books of a business or organization.
DR (Debit)
DR, or Debit, represents the left side of a general ledger account and is used to record increases in assets or expenses and decreases in liabilities, equity, and income.
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