At December 31, 2010, Chai Inc. had a future tax asset of $40,000. At December 31, 2011,

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At December 31, 2010, Chai Inc. had a future tax asset of $40,000. At December 31, 2011, the future tax asset is $62,000. The corporation's 2011 current tax expense is $70,000. What amount should Chai report as total 2011 tax expense?

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Intermediate Accounting

ISBN: 978-0470161012

9th Canadian Edition, Volume 2

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield.

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Question Posted: Aug 23, 2015 08:39 AM

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At December 31, 2010, Chai Inc. had a future tax asset of $40,000. At December 31, 2011,

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Current income tax expense for 2011 700...View the full answer

Intermediate Accounting

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