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Arby Corp. leased a building and recelved the $80,000 annual rental payment on June 15,2023 , The beginning of the lease was July 1 .
Arby Corp. leased a building and recelved the $80,000 annual rental payment on June 15,2023 , The beginning of the lease was July 1 . 2023. Rental income is taxable when received. Arby's tax rates are 15% for 2023 and 20% for 2024 and after Arby had no other permanent or temporary differences. Arby determined that no valuation allowance was needed, in its December 31, 2023, balance sheet, Arby should report: $8,000 deferred tax asset. so, ovo deferred tix anset $6.000 deferred tax tiability 58,000 deferred tax Hability
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