Prepare the tax related journal entry for the current year

Reference no: EM131884855

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

Reference no: EM131884855

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