Jennifer Capriati Corp has a deferred tax asset account with a balance of $75,000 at the end of 2019 due to a single cumu lative temporary difference of $375,000 At the end of 2020, this same temporary difference has increased to a cumulative amount of $450,000 Taxable income for 2020 is $820,000 The tax rate is 20 for all years No valuation account related to the deferred tax asset is in existence at the end of 2019 a Record income tax expense, deferred income taxes, and income taxes payable for 2020, assuming that it is more likely than not that the deferred tax asset will be realized b Assuming that it is more likely than not that $15,000 of the deferred tax asset will not be realized, prepare the journal entry at the end of 2020 to record the valuation account

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Jennifer Capriati Corp  has a deferred tax asset account with a balance of $75,000 at the end of 2019 due to a single cumu  lative temporary difference of $375,000  At the end of 2020, this same temporary difference has increased to a cumulative amount of $450,000  Taxable income for 2020 is $820,000  The tax rate is 20  for all years  No valuation account related to the deferred tax asset is in existence at the end of 2019  a  Record income tax expense, deferred income taxes, and income taxes payable for 2020, assuming that it is more likely than not that the deferred tax asset will be realized  b  Assuming that it is more likely than not that $15,000 of the deferred tax asset will not be realized, prepare the journal entry at the end of 2020 to record the valuation account

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Jennifer Capriati Corp. has a deferred tax asset account with a balance of $75,000 at the end of 2019 due to a single cumu- lative

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Jennifer Capriati Corp. has a deferred tax asset account with a balance of $75,000 at the end of 2019 due to a single cumu- lative temporary difference of $375,000.
At the end of 2020, this same temporary difference has increased to a cumulative amount of $450,000.
Taxable income for 2020 is $820,000. The tax rate is 20% for all years. No valuation account related to the deferred tax asset is in existence at the end of 2019.