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Lussier Co. reports pretax accounting income of $420,000, but due to a single temporary difference, taxable income is only $265,000. At the beginning of the

Lussier Co. reports pretax accounting income of $420,000, but due to a single temporary difference, taxable income is only $265,000. At the beginning of the year, no temporary differences existed.

What will Lussier report in the balance sheet pertaining to income taxes?

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