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Marin Corp. has a deferred tax asset account with a balance of $80,800 at the...

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Accounting

Marin Corp. has a deferred tax asset account with a balance of $80,800 at the end of 2024 due to a single cumulative temporary difference of $404,000. At the end of 2025, this same temporary difference has increased to a cumulative amount of $430,000. Taxable income for 2025 is $801,000. The tax rate is 20% for all years. No valuation account related to the deferred tax asset in existence at the end of 2024.
(a) Record income tax expense, deferred income taxes, and income taxes payable for 2025, assuming that it is more likely than not that the deferred tax asset will be realized. (List all debit entries before credi entries. Credit account titles are automatically indented when, amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.')
Account Titles and Explanation
Debit
Credit end of 2025 to record the valuation account. (List debit entry before credit entry. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Account Titles and Explanation
Debit
Credit
image

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