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Ty Inc. completed its second year of operations and has a deferred tax asset of $78,750 related to a net operating loss of $225,000 from
Ty Inc. completed its second year of operations and has a deferred tax asset of $78,750 related to a net operating loss of $225,000 from the previous year. In the current year, Ty generates $605,000 in revenues and incurs $311,000 in expenses. There are no permanent or temporary book- tax differences. Assuming a tax rate of 35%, what is the tax related journal entry for the current year
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