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View Policies Current Attempt in Progress Pharoah Corporation prepared the following reconciliation for its first year of operations: Pretax financial income for 2021 $1400000 Tax
View Policies Current Attempt in Progress Pharoah Corporation prepared the following reconciliation for its first year of operations: Pretax financial income for 2021 $1400000 Tax exempt interest (142000) Originating temporary difference (334000) Taxable income $924000 The temporary difference will reverse evenly over the next 2 years at an enacted tax rate of 30%. The enacted tax rate for 2021 is 25%. What amount should be reported in its 2021 income statement as the deferred portion of income tax expense? $119000 credit O $100200 debit $100200 credit $119000 debit
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