Business, 01.10.2019 16:30 sarahidan

The following facts relate to duncan corporation. 1. deferred tax liability, january 1, 2020, $30,000. 2. deferred tax asset, january 1, 2020, $10,000. 3. taxable income for 2020, $105,000. 4. cumulative temporary difference at december 31, 2020, giving rise to future taxable amounts, $230,000. 5. cumulative temporary difference at december 31, 2020, giving rise to future deductible amounts, $95,000. 6. tax rate for all years, 20%. no permanent differences exist. 7. the company is expected to operate profitably in the future.

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The following facts relate to duncan corporation. 1. deferred tax liability, january 1, 2020, $30,00...

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