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Scenario TaxableIncome-Cumulativeyear-endfuturetaxableamounts-Cumulativeyear-endfuturedeductibleamounts-BeginningBalancesDTA-BeginningBalancesDTL-$450,000$100,000$75,000$25,000$35,000 The enacted tax rate is 20%. Determine the Following: 1. Income tax payable: 2. Deferred tax asset, year-end balance: 3. Deferred tax liability,
Scenario TaxableIncome-Cumulativeyear-endfuturetaxableamounts-Cumulativeyear-endfuturedeductibleamounts-BeginningBalancesDTA-BeginningBalancesDTL-$450,000$100,000$75,000$25,000$35,000 The enacted tax rate is 20%. Determine the Following: 1. Income tax payable: 2. Deferred tax asset, year-end balance: 3. Deferred tax liability, year-end balance: 4. What is the originating temporary difference during the year associated with both future taxable and deductible amounts? 5. Journal entry to record income tax expense during the year
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