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Please, provide step by step Kingbird Corporation began 2020 with a $55,200 balance in the Deferred Tax Liability account. At the end of 2020, the
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Kingbird Corporation began 2020 with a $55,200 balance in the Deferred Tax Liability account. At the end of 2020, the related cumulative temporary difference amounts to $420,000, and it will reverse evenly over the next 2 years. Pretax accounting income for 2020 is $630,000, the tax rate for all years is 20%, and taxable income for 2020 is $486,000. (a) Compute income taxes payable for 2020. Income taxes payable TA $Step by Step Solution
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