Duncan Co. reports the following information for the year 2021: On January 1, 2021, the...
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Duncan Co. reports the following information for the year 2021: On January 1, 2021, the balance in DTL is $30 and in DTA is $10; On 12/31/2021 cumulative timing difference of $230 gives rise to a future taxable amount, whereas the cumulative difference of $95 gives rise to a future deductible amount. The one permanent difference is a non-deductible fine of $12. Taxable income for 2021 is $105, and tax rate is 20%.
REQUIRED: FILL IN THE BLANKS BELOW.
2021 Pretax financial income is_____________
The current portion of 2021 Income tax expense is_________
The deferred portion of 2021 Income tax expense is __________
The 12/31/2021 DTA balance is ___________
The 12/31/2021 DTL balance is____________
Now assume that management decides that it is more likely than not $5 of the DTA will not be realized. 2021 Income tax expense is________
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