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The following information has been obtained for Monty Corporation. 1. Prior to 2020, taxable income and pretax financial income were identical. 2. Pretax financial income
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Prepare the journal entry to record 2021 income tax expense, income taxes payable, and deferred taxes.
Prepare the bottom portion of Montys 2021 income statement, beginning with Income from continuing operations before income taxes.
Indicate how deferred income taxes should be presented on the December 31, 2021, balance sheet.
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