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Novak Corporation reports the following amounts in its first three years of operations. 2020 Taxable income $242,300 157.000 2021 $120,300 138,400 2022 $122,300 134,000 Accounting
Novak Corporation reports the following amounts in its first three years of operations. 2020 Taxable income $242,300 157.000 2021 $120,300 138,400 2022 $122,300 134,000 Accounting income The difference between taxable income and accounting income is due to one reversing difference. The tax rate is 30% for all years and the company expects to continue with profitable operations in the future, (a) For each year, identify the amount of the reversing difference originating or reversing during that year, and indicate the amount of the temporary difference at the end of the year. Deductible Temporary Amount of Temporary Difference Originating or Reversing during the Year Difference Year at Year-End 2020 $ 2021 $ $ 2022 $ $
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