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Question 12 - 13: vererreu Tax Q1 Calculate Deferred Tax Asset or Liability Balance for the three years and indicate whether they are asset or
Question 12 - 13: vererreu Tax Q1 Calculate Deferred Tax Asset or Liability Balance for the three years and indicate whether they are asset or liability. Q2 Calculate Deferred Tax Expense or Benefit for each year and indicate whether it is Deferred Tax Expense of Benefit. Q3 Calculate the Total Income Tax Expense for 2020 ABC Company Accounting and Taxable income of ABC Company is provided below (First 3 years of operation). Year 2020 2019 2018 Accounting Income 165,000 165,000 165,000 Taxable income 245,000 155,000 140,000 Tax Rate 25% 25% 25% The difference between taxable income and accounting income is due to one temporary item. Cumulative Originating/Reversing Originating Year - 2018 Reversing - 2019 Reversing - 2020 Temp Items Tax Basis Acctg Basis Difference Tax Rate (DTA)/DTL End Balance DTA/DTL Beg Balance Difference
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