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Prepare the journal entry to record income taxes

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Question - At the end of the year, the deferred tax asset account had a balance of $4 million attributable to a temporary difference of $16 million in a liability for estimated expenses. Taxable income is $60 million. No temporary differences existed at the beginning of the year, and the tax rate is 25%.

Prepare the journal entry(s) to record income taxes, assuming it is more likely than not that three-fourths of the deferred tax asset will not ultimately be realized.

Reference no: EM132488293

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