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please answer the following :) Question 18 2.5 pts At the end of 2020, Connecticut Corporation had a $10,000 allowance for deferred tax assets. At
please answer the following :) Question 18 2.5 pts At the end of 2020, Connecticut Corporation had a $10,000 allowance for deferred tax assets. At the end of the following year (2021), the company concluded that it is more likely than not that $7,000 of its deferred tax assets will not be realized. What entry is required at the end of 2021? O Debit allowance for deferred tax assets $3,000, credit income tax expense $3,000. Debit income tax expense $3,000, credit allowance for deferred tax assets $3,000 Debit income tax expense $7,000, credit allowance for deferred tax assets $7,000 Debit allowance for deferred tax assets $7,000, credit income tax expense $7,000. Question 19 2.5 pts Which of the following is NOT true about accounting for convertible securities? Under US GAAP, when convertible bonds are issued the debt and equity components should be recorded separately O Converting bonds or preferred stock into common stock should be recorded using the book value method O No gains or losses are recorded when convertible securities are converted into common stock None of these statements is true
please answer the following :)
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