Make related journal entry for the current year

Reference no: EM131884863

Question: In 2015 Tetra Corp generated $583,000 in revenues and incurs $276,000 In expenses. There arc no permanent or temporary book-tax differences. Tetra has a deferred tax asset of $61, 250 related to a net operating Ioss of $175,000 from the previous year. Assuming a 35% tax rate, prepare related journal entry for the current year.

Reference no: EM131884863

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