Homework 7. Highland had $38,000 of net income before taxes. The only income or expense that was different was revenue from one of their contracts which began in 2017. Book and tax revenue and tax rates for 2017 through 2019 for that contract was as follows: Book 2017 16,000 24,000 2018 18,000 16,000 2019 20,000 14,000 TaxTax Rate 32% 34% 35% Prepare the journal entry for 2018 income taxes.
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