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The following facts relate to Bramble Corporation. 1. 2. 3. 4. 5. 6. 7. Deferred tax liability, January 1, 2020, $34,200. Deferred tax asset, January
The following facts relate to Bramble Corporation. 1. 2. 3. 4. 5. 6. 7. Deferred tax liability, January 1, 2020, $34,200. Deferred tax asset, January 1, 2020, $11,400. Taxable income for 2020, $119,700. Cumulative temporary difference at December 31, 2020, giving rise to future taxable amounts, $262,200. Cumulative temporary difference at December 31, 2020, giving rise to future deductible amounts, $108,300. Tax rate for all years, 20%. No permanent differences exist. The company is expected to operate profitably in the future.
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