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Question 1 ABC Ltd has a taxable temporary difference of $60000 and another taxable temporary difference of $17000. It also has a deductible temporary difference

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Question 1 ABC Ltd has a taxable temporary difference of $60000 and another taxable temporary difference of $17000. It also has a deductible temporary difference of $12000. Taxable income for the year is $15000. Prepare the journal entry to record the income tax expense for the year. Assume tax rate of 20%

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