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Apple reports the following information: Taxable Income: 300,000 Pretax Accounting Income: 400,000 A single temporary difference exists that was new in the current year. Apple

Apple reports the following information: Taxable Income: 300,000 Pretax Accounting Income: 400,000 A single temporary difference exists that was new in the current year. Apple is subject to a tax rate of 40%. On the year-end balance sheet for Apple, you would find: Question 6 options: A deferred tax liability for $120,000. A deferred tax liability for $40,000 A deferred tax asset for $40,000. Income taxes payable for $160,000.

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