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The following facts relate to Skysong Corporation. 1. Deferred tax liability, January 1, 2020, $31,800. Deferred tax asset, January 1, 2020, $10,600. Taxable income for

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The following facts relate to Skysong Corporation. 1. Deferred tax liability, January 1, 2020, $31,800. Deferred tax asset, January 1, 2020, $10,600. Taxable income for 2020, $111,300. Cumulative temporary difference at December 31, 2020, giving rise to future taxable amounts, $243,800. Cumulative temporary difference at December 31, 2020, giving rise to future deductible amounts, $100,700, Tax rate for all years, 20%. No permanent differences exist. The company is expected to operate profitably in the future. 6. (a) Compute the amount of pretax financial income for 2020. Pretax financial income $

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