00:01
In the given question we have to pass the general entry.
00:04
So first of all let's make the format first.
00:12
Date, particulars, debit, amount is in dollars and credit amount is in dollars.
00:29
So entry will be income, tax, benefit, account, debit.
00:46
This is 37 .5.
00:49
You can write down the amount is in millions.
01:01
And deferred tax asset account which is 2 .5 million and two income tax payable account which is 35 million.
01:21
So we will write down the narration as being income, tax, benefit, recognition, mail.
01:37
So this is our entry.
01:44
Now how we have calculated the calculation.
01:47
So first of all in the question it was given that the penalty of 6 million dollars assessed by the environmental protection agency...