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Kantner, Inc., is a domestic corporation with the following balance sheet for book and tax purposes at the end of the year. Tax Debit/(Credit) Book
Kantner, Inc., is a domestic corporation with the following balance sheet for book and tax purposes at the end of the year.
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The book-tax basis difference for the deferred assets and liabilities are listed below.
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Assume a 21% Federal corporate tax rate and no valuation allowance.
Kantner has an overall $ change in net deferred tax liability for the current year.
The journal entry is as follows:
JOURNAL | ||||
DATE | Description | Post. Ref. | Debit | Credit |
Income tax expense (provision) | ||||
Deferred tax liability |
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