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Lamb Corp. has taxable income of $240,000 and depreciation expense for tax purposes of $50,000 greater than financial reporting purposes. Lamb has a tax rate
Lamb Corp. has taxable income of $240,000 and depreciation expense for tax purposes of $50,000 greater than financial reporting purposes. Lamb has a tax rate of 30%, and no other differences exist. Which of the following entries should Lamb make for deferred taxes? A $87,000 deferred tax asset. B $72,000 deferred tax asset. $57,000 deferred tax liability. D $15,000 deferred tax liability
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