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Please Question 65 5 pts 49er Company reports taxable income of $83,000 for the year ending December 31, 2020.49er reported $1.400 in accrued salaries expense
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Question 65 5 pts 49er Company reports taxable income of $83,000 for the year ending December 31, 2020.49er reported $1.400 in accrued salaries expense in 2020 under U.S. GAAP that is not taxable under the internal revenue code (IRC) until 2021 (when it is paid). 49er's tax rate is 40% and 49er did not have any DTAs or DTLs in 2019. Provide journal entry information for the designated accounts for December 31, 2020 in the table below. Do not include "$" 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 "O" for the amount and "NA" for the debit/credit designation. Account Name Entry Amount DR/CR/NA Deferred Tax Asset $ Deferred Tax Liability $ ncome Tax Expense $ evious Not saStep by Step Solution
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