09 Feb Freeman Marine, Inc., had income before income tax
Freeman Marine, Inc., had income before income tax of $122,000 and taxable income of $94,000 for 2010, the company’s first year of operations. The income tax rate is 30%.1. Make the entry to record Freeman Marines income taxes for 2010.2. Show what Freeman Marine will report on its 2010 income statement starting with income before income tax. Also show what Freeman Marine will report for current and long-term liabilities on its December 31, 2010, balance sheet.View Solution: Freeman Marine Inc had income before income tax of 122 000
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