A company makes the following journal entry for 2020: Dr. Income Tax Expense...
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Accounting
A company makes the following journal entry for 2020:
Dr. Income Tax Expense xxxx
Dr. Deferred Tax Asset 77,000
Cr. Deferred Tax Liability 27,000
Cr. Income Tax Payable 275,000
On the income statement, the deferred portion of income tax expense for 2020 appears as: _______________. Very important: If the amount of the deferred portion is subtracted from the current portion to obtain income tax expense, put a minus sign in front of the amount; if the amount of the deferred portion is added to the current portion, then leave the amount as is.
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