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Company A records the following at year-end: a taxable profit of $10,000, a closing balance of deferred tax liability of $900, and a closing balance
Company A records the following at year-end: a taxable profit of $10,000, a closing balance of deferred tax liability of $900, and a closing balance of deferred tax asset of $600. The opening balances for the deferred tax asset and deferred tax liability are $500 and $200, respectively. The applicable tax rate is 30%. Required: Prepare the journal entries for the income tax at year-end
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