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The company has tax losses for the first time of $100.000. It is probable that the entire amount of the loss will be realized in

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The company has tax losses for the first time of $100.000. It is probable that the entire amount of the loss will be realized in the next five years. What is the balance of the valuation allowance and the deferred tax asset account? The enacted rate is 35% Multiple Choice Deferred tax asset $35.000 debit Valuation allowance - nil O Deferred tax liability $35,000 credit Valuation allowance - nil O Deferred tax asset $35.000 debit Valuation allowance 35,000 credit O Deferred tax asset $100.000 debit Valuation allowance 35,000 credit

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