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At the December 31, 2020, a corporation reported an accounts receivable on its balance sheet but did not report the related revenue on its tax
At the December 31, 2020, a corporation reported an accounts receivable on its balance sheet but did not report the related revenue on its tax return. When the accounts receivable is collected during 2021, the corporation will report that its income tax expense for 2021 is higher than its income taxes payable will increase a deferred tax asset account will decrease the deferred tax liability account will report that its financial income is higher than its taxable income
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