Presented below is information for Santa Cruz Corporation:
a. January 1, 2020, Deferred Tax Liability $ 300,000
b. January 1, 2020, Deferred Tax Asset $ 10,000
c. 2020 Taxable Income $1,005,000
d. December 31, 2020 - Cumulative temporary differences, giving rise to future taxable amounts $2,030,000
e. Cumulative temporary difference at December 31, 2020, giving rise to future deductible amounts $ 950,000
f. Tax rate for all years 20%
g. The company is expected to operate profitably in the future
Required:
1. Compute pretax financial income for 2020
2. Prepare the journal entry to record tax expense, deferred income taxes, and income taxes payable for 2020
3. Compute the effective tax rate for 2020

Upper a report about the decline of western investment in third world countries included this: "after years of daily flights comma several european airlines halted passenger service. foreign investment fell 400 percent during the 1990 s." what is wrong with this statement? choose the correct answer below. a. if foreign investment fell by 100 % comma it would be totally eliminated comma so it is not possible for it to fall by more than 100 %. b. the actual amount of the decrease in foreign investment is less than 100%. c. if foreign investment fell by 100%, it would be cut in half. thus, a decrease of 200% means that it would be totally eliminated, and a decrease of more than 200% is impossible. d. the statement does not mention the initial amount of foreign investment.