Company X reported pretax financial statement income of $350 000 for 2020. Taxable income per the tax
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Question:
Company X reported pretax financial statement income of $350 000 for 2020. Taxable income per the tax return for 2020 was $300,000 due to a temporary timing difference in depreciation expenses. The income tax rate is 30%. Prior to 2020, Company X had no deferred taxes recorded on its balance sheet. What is the company should record as deferred tax, On its 2020 balance sheet?
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