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Journal entry At the end of the year, the deferred...

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Accounting

Journal entry
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At the end of the year, the deferred tax asset Taccount had a bafance of $4 million attributable to a temporary. difference of $16 million in a liability for estimated expenses. Taxable income is $92 million. No temporary. differences existed at the beginning of the year, and the tax rate is 25% Prepare the journal entry(s) to record income taxes, assuming it is more likely than not that three-fourths of the deferred tax asset will not ultimately be realized. (If no entry is required for a transaction/event, select "No journa entry required" in the first account field. Enter your answers in millions (i.e., 5,500,000 should be entered as 5.5).) Journal entry worksheet 2

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