(a) (b) In a period in which a taxable temporary difference reverses, the reversal will cause taxable income to be accounting income. In a period in which a deductible temporary difference reverses, the reversal will cause taxable income to be accounting income. If a $69,200 balance in the Deferred Tax Asset account were calculated using a 25% rate, the underlying temporary difference would amount to $ (c) (d) (e) Deferred taxes recorded to account for permanent differences. If a taxable temporary difference originates in 2020, it causes taxable income of 2020 to be accounting income for 2020. If total income tax expense is $52,000 and deferred tax expense is $56,800, then the current portion of the total income tax expense is referred to as a (f) v of $ (g) current tax If a corporation's tax return shows taxable income of $81,700 for Year 2 and a tax rate of 25%, the amount that will appear on the December 31 Year 2 (h) SFP for "Income tax payable" if the company has made estimated tax payments of $17,200 for Year 2 will be $ An increase in the Deferred Tax Liability account on the SFP is recorded by a to the Deferred Tax Expense account. An income statement that reports current tax expense of $68,400 and a deferred tax benefit of $21,100 will report total income tax expense of $ (0) () Under ASPE, a valuation account may be used whenever it is judged to be more likely than not that a portion of a deferred tax asset realized. If the tax return shows total income taxes due for the period of $74,700 but the income statement shows total income tax expense of $54,500, the (k) difference of $20,200 is referred to as a deferred tax (1) If a company's income tax rate increases, the effect will be to deferred tax asset. the amount of a deferred tax liability and the amount of a (m) difference. Differences between accounting The difference between the tax base of an asset or liability and its carrying amount is called a income and taxable income that will reverse in the future are called differences