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Please help! Nalad Corp. provided the following data related to accounting and taxable income: Pre-tax accounting income (financial statements) Taxable income (tax return) Income tax

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Nalad Corp. provided the following data related to accounting and taxable income: Pre-tax accounting income (financial statements) Taxable income (tax return) Income tax rate 20x8 $510,000 295,000 40% 20x9 $495,000 710,000 40% There are no existing temporary differences other than those reflected in these data. There are no permanent differences. Required: 1-a. How much tax expense would be reported in each year if the taxes payable method was used? Tax Expense 20X8 20x9 $ 0 1-b. What is the implied tax rate? (Round your answers to 1 decimal place.) 20X8 20X9 Implied tax rate 2-a. How much tax expense would be reported using comprehensive tax allocation (liability method). Tax Expense 20X8 20X9 $ 0 2-b. How much deferred income tax would be reported using comprehensive tax allocation (liability method). Deferred Income Tax 20X8 20X9 2-c. Why is the two year total tax expense is the same under both tax payable method and liability method? (Select all that apply.) OOOO Temporary difference between accounting and taxable income has reversed over two-year time frame. Temporary difference between accounting and taxable income has not reversed over two-year time frame. Permanant difference between accounting and taxable income has reversed over two-year time frame. Permanant difference between accounting and taxable income has not reversed over two-year time frame

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