Business, 15.02.2022 08:40 yentel110306

The following facts relate to Bramble Corporation. 1. Deferred tax liability, January 1, 2020, $34,200.
2. Deferred tax asset, January 1, 2020, $11,400.
3. Taxable income for 2020, $119,700.
4. Cumulative temporary difference at December 31, 2020, giving rise to future taxable amounts, $262,200.
5. Cumulative temporary difference at December 31, 2020, giving rise to future deductible amounts, $108,300.
6. Tax rate for all years, 20%. No permanent differences exist.
7. The company is expected to operate profitably in the future.

Required:
a. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020.
b. Compute the amount of pretax financial income for 2020.

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The following facts relate to Bramble Corporation. 1. Deferred tax liability, January 1, 2020, $34...

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