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The following facts relate to Duncan Corporation. Deferred tax liability, January 1, 2014, $103,260. Deferred tax asset, January 1, 2014, $34,420....

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The following facts relate to Duncan Corporation. 1. Deferred tax liability, January 1, 2014, $103,260. 2. Deferred tax asset, January 1, 2014, $34,420. 3. Taxable income for 2014, $180,705. 4. Cumulative temporary difference at December 31, 2014, giving rise to future taxable amounts, $361,410. 5. Cumulative temporary difference at December 31, 2014, giving rise to future deductible amounts, $163,495. 6. Tax rate for all years, 40%. No permanent differences exist. 7. The company is expected to operate profitably in the future. Your answer is incorrect. Try again. Compute the amount of pretax financial income for 2014. Pretax financial income Show List of Accounts Link to Text
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Your answer is partially correct. Prepare the journal entry to record income tax expense, deferred income taxes, a taxes payable for 2014. (Credit account titles are automatically indented when entered. Do not indent manually.) Account Titles  and Explanation Debit Show List of Accounts Link to Text Your answer is partially correct. Prepare the income tax expense section of the income statement for 2014, begin the line “Income before income taxes.” sign preceding the number e.g. -45 or parentheses e.g. (45).) Duncan Corporation Income Statement (Partial) Year ended December 31, 2014 $ Show List of Accounts
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1. Deferred tax liability, January 1, 2014, $103,260.
2. Deferred tax asset, January 1, 2014, $34,420.
3. Taxable income for 2014, $180,705.
4. Cumulative temporary difference at December 31, 2014,...

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