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Please Question 51 5 pts 49er Company reports taxable income of $71,000 for the year ending December 31, 2020.49er reported $3,500 in accrued revenue in
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Question 51 5 pts 49er Company reports taxable income of $71,000 for the year ending December 31, 2020.49er reported $3,500 in accrued revenue in 2020 under U.S. GAAP that is not taxable under the internal revenue code (IRC) until 2021 (when collected). The company did not report any DTAs or DTLs in 2019.49er's tax rate is 40%. Provide journal entry information for the designated accounts for December 31, 2020 in the table below. Do not include "$" signs in your answer and use "DR" to designate a debit entry and "CR" to designate a credit entry. Round answers to the nearest whole dollar. If an account does not have an entry amount, enter a "0" for the amount and "NA" for the debit/credit designation. Account Name Entry Amount DR / CR / NA Deferred Tax Asset $ Deferred Tax Liability Income Tax Expense Previous NexStep by Step Solution
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