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new doc 2019-01-2218 + 0 A 10 file:///C:/Users/talal/Downloadsew%20doc%202019-01-22%20185749%20(1)pdf cember 31, 2020, Lexxus Inc. recorded an unrealized gain of $5,000 related to its trading debl securities
new doc 2019-01-2218 + 0 A 10 file:///C:/Users/talal/Downloadsew%20doc%202019-01-22%20185749%20(1)pdf cember 31, 2020, Lexxus Inc. recorded an unrealized gain of $5,000 related to its trading debl securities classified as available-for-sale) originally purchased on December 15, 2020, for $20,000. Lexxus recognized (norc GAAP income of $80,000 in 2020 and had a tax rate of 25%. Determine the reported amount of trading securities in the financial statements of Lexxus on December 30, 2020. pretax . b. Determine the tax basis of the trading securities on December 30, 2020. c. Calculate the deferred tax balance and show how it would be reported in the December 31,2020, balance sheet of Lexxus Assuming the same information from Brief Exercise 18-21, record the income tax journal entry on December 31 2020. Assume zero begiuning balances in deferred tax accounts ^ 4x ENG 1/22/2019
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