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The following facts relate to Oriole Corporation. 1. Deferred tax liability, January 1,2025,$34,800. 2. Deferred tax asset, January 1,2025,$11,600. 3. Taxable income for 2025,$121,800. 4.
The following facts relate to Oriole Corporation. 1. Deferred tax liability, January 1,2025,$34,800. 2. Deferred tax asset, January 1,2025,$11,600. 3. Taxable income for 2025,$121,800. 4. Cumulative temporary difference at December 31,2025 , giving rise to future taxa amounts, $266,800. 5. Cumulative temporary difference at December 31,2025 , giving rise to future deductible amounts, $110,200, 6. Tax rate for all years, 20%. No permanent differences exist. 7. The company is expected to operate profitably in the future. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2025. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Compute the amount of pretax financial income for 2025. Pretax financial income
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