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14 Travis, Inc, reported incorne belore tax of $220,000, and taxable income was $230,000. This $10,000 daflerence resulted from uneamed revenues that the firm recorded
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Travis, Inc, reported incorne belore tax of $220,000, and taxable income was $230,000. This $10,000 daflerence resulted from uneamed revenues that the firm recorded as revenue for tax purposes but as a liabilty for book purposes. Travis is subject to a 20% s tax fate a. What is the book basis of the unearnod revenue? b. What is the tax basis of the uneamed tevenue? c. What are Travis's deferted tax asset, income tax payable, and income tax expense for the current year? d. Prepare the joumal entry to record the tax provision for the current yeac. experse for the current year Step by Step Solution
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