Alvis Corporation reports pretax accounting income of $$400,000,$ but due to a single temporary difference, taxable income is only $$250,000.$ At the beginning of the year, no temporary differences existed.

Required:

Assuming a tax rate of $25\%,$ what will be Alvis's net income?

What will Alvis report in the balance sheet pertaining to income taxes?

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Assuming a tax rate of $25\%,$ what will be Alvis's net income?

Net income