Income tax reconciliatioin was incorrect
In the income tax reconciliation, we have identified two issues:
- After the income tax journal was posted, the current year income tax expense was incorrectly included again in the net profit before tax calculation. This should be excluded.
- In the balance sheet income tax reconciliation, the income tax provision has been recorded on the debit side, which is incorrect. It should be presented on the credit side. This will need to be corrected.
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Stella Lee
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