016-3 Concept Check: Deferred Tax Asset Duchess Company started the period with a deferred tax asset of $400. As of the end of the period, Duchess identifies future deductible amounts of $1,120. Duchess has a tax rate of 25%, and calculates that taxes payable will be $200. Duchess's tax expense journal entry would include a: Deferred Tax Asset a. Debit to tax expense of $280 b. Credit to tax expense of $120 C. Debit to tax expense of $320 d. Credit to tax expense Make a selection: 400 FRANKLIN AS E