Question
Luna reported the following taxable income/loss and applicable taxes paid. Assume tax rate of 20%. Income/Loss Taxes 2018 100,000 $30,000 paid 2019 (425,000) enacted rate
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Entries for 2019 and 2020 2019 Income Tax Expense 85000 debit Deferred Tax Benefit 83000 credit Additional Tax Expense 2000 debit if Luna believes 2000 of benefit wont be realized 2020 Income Tax Expe...Get Instant Access to Expert-Tailored Solutions
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Get StartedRecommended Textbook for
Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
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