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Can your anonymous person stop posting the incorrect answer over and over again... it is clearly wrong are you braindead? At the end of the
Can your anonymous person stop posting the incorrect answer over and over again... it is clearly wrong are you braindead?
At the end of the year, the deferred tax asset account had a balance of $20 million attributable to a temporary difference of $80 million in a liability for estimated expenses. Taxable income is $124 million. No temporary differences existed at the beginning of the year, and the tax rate is 25%. Prepare the journal entry(s) to record income taxes, assuming it is more likely than not that three-fourths of the deferred tax asset will not ultimately be realized. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 5,500,000 should be entered as 5.5).)Step by Step Solution
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