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1.A company endseach year with the following deferred balances: 20X1 20X2 2. Deferred income tax liability, noncurrent $40,000 $59,000 Deferred income tax asset, noncurrent $18,000
1.A company endseach year with the following deferred balances:
20X1
20X2
2. Deferred income tax liability, noncurrent
$40,000
$59,000
Deferred income tax asset, noncurrent
$18,000
$17,000
3.
There is a valuation allowance on the deferred asset for $6,000 at the end of20X1 but there is no similar balance at the end of 20X2. On its20X2 income statement, what is reported as Income Tax Expense-Deferred?
4.
5.
$9,000
$18,000
$14,000
$23,000
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