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I need to learn how to get the answer please explain me with details A company reports pretax accounting income of $10 million, but because
I need to learn how to get the answer please explain me with details
A company reports pretax accounting income of $10 million, but because of a single temporary difference, taxable income is $12 million. No temporary differences existed at the beginning of the year, and the tax rate is 40%. The journal entry regarding this temporary transaction includes a. Debit Income Tax Expense $4.8M b. Debit DTA $2M c. Credit Income Taxes Payable $4M d. None of the aboveStep by Step Solution
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