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Show your work Reporting deferred tax amount on income statement (LO 14-2, LO 14-4) AICPA For financial statement reporting, Lexington Corporation recognizes royalty income according

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Reporting deferred tax amount on income statement (LO 14-2, LO 14-4) AICPA For financial statement reporting, Lexington Corporation recognizes royalty income according to GAAP. However, royalties income in Lexington's December 31,201, balance sheet amounted to $350,000. Assume that the income tax rate was 21%. Required

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