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Complete the following statements by filling in the blanks. a. In a period in which a taxable temporary difference reverses, the reversal will cause taxable
Complete the following statements by filling in the blanks. a. In a period in which a taxable temporary difference reverses, the reversal will cause taxable income to be lace than pretax financial income. b. If a $79,100 balance in Deferred Tax Asset was computed by use of a 40% rate, the underlying cumulative temporary difference amounts to $ c. Deferred taxes recorded to account for permanent differences. d. If a taxable temporary difference originates in 2020, it will cause taxable income for 2020 to be pretax financial income for 2020 e. If total tax expense is $51,700 and deferred tax expense is $63,500, then the current portion of the expense computation is referred to as current tax of $ f. If a corporation's tax return shows taxable income of $102,800 for Year 2 and a tax rate of 40%, how much will appear on the December 31, Year 2, balance sheet for "Income taxes payable" if the company has 8. An increase in the Deferred Tax Liability account on the balance sheet is recorded by a to the Income Tax Expense account. h. An income statement that reports current tax expense of $83,600 and deferred tax benefit of $23,300 will report total income tax expense of $ i. A valuation account is needed whenever it is judged to be that a portion of a deferred tax asset realized j. If the tax return shows total taxes due for the period of $77,600 but the income statement shows total income tax expense of $53,100, the difference of $24,500 is referred to as deferred tax
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