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Unformatted text preview: $54,000 Current tax expense for 2007 (Income tax payable) $36,000 Income tax expense for 2007 $90,000 Income Tax Expense $90,000 Income Tax Payable $36,000 Deferred Tax Liability $54,000 (c) Income before income taxes $300,000 Income tax expense Current $36,000 Deferred $54,000 $90,000 Net income $210,000 Note: The current/deferred tax expense detail can be presented in the notes to the financial statements. EXERCISE 19-7 (10-15 minutes) (a) greater than (b) $190,000 (c) are not (d) less than (e) benefit, $15,000 (f) $3,500 (g) debit (h) $59,000 (i) possible, will not be (j) benefit...
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- Spring '12