Differences between financial statement and taxable income were as follows: The cumulative temporary difference to date is

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Differences between financial statement and taxable income were as follows:

The cumulative temporary difference to date is $40 million (also the future taxable amount). The enacted tax rate is 40%. What is deferred tax asset or liability to be reported in the balance sheet?

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Intermediate Accounting

ISBN: 978-0077400163

6th edition

Authors: J. David Spiceland, James Sepe, Mark Nelson

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