Question 7 Answer saved Marked out of 100 Flog question The Opening Balance on the Deferred Taxation Liability for CLARE Company for 2020 is $40,000 Credit CLARE Company provides the following information for the year-ended 31 December 2020: Taxable Income $700,000 Pre-Tax Income IFRS - $600,000 Tax Rate - 20% The journal entry in the Deferred Taxation Liability on 31 December 2020 will include: Select one: a. Debit $20,000 O b. Credit $120,000 O c. Credit $20,000 O d. None of these answers O e. Debit $120,000 Clear my choice