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Please help Assume Melissa will have sufficient income in the future to recover any deferred tax assets that might be recognized. U. 5. GAAP IFRS

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Assume Melissa will have sufficient income in the future to recover any deferred tax assets that might be recognized. U. 5. GAAP IFRS Revalued at Model used for subsequent measurement Cost fair value Pre-tax income before depreciation and revaluation charge $500, 000 $500,000 Enacted tax rate 210 214 Required: 1. Calculate Melissa's taxable income in 20X1. 2. Prepare the journal entry to record Melissa's 20X1 income tax activity under U.S. GAAP. 3. Prepare the journal entry to record Melissa's 20X1 income tax activity under IFRS.

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