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Prepare the journal entry to record income taxes

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Reference no: EM132485014

Question 1: At the end of 2018, there was $16M balance in Milo Co, Inc.'s deferred tax asset account. The balance was attributable to a cumulative temporary difference of $35M in a liability for estimated expenses. The tax rate is 35%. The taxable income is $50M. No temporary differences existed at the beginning of the year. Assuming it is more likely than not that one-half of the deferred tax assets will not be realized, Prepare the journal entry to record income taxes.

Reference no: EM132485014

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