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Question 8 2 pts In 2019, Solo reported Income before Depreciation and Income Tax of...

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Question 8 2 pts In 2019, Solo reported Income before Depreciation and Income Tax of $720,000. In 2019, Depreciation Expense was $120,000 on its GAAP based income statement and $80,000 for income tax purposes. Solos income tax rate is still 40%. Which of the following correct based upon 2019's recording of Solo's income tax payment? would not be Decrease in Cash $256,000 (Income tax payment) Decrease in Deferred Tax Liability $16,000 O Increase in Income Tax Expense $240,000 Increase in Deferred Tax Liability of $16,000

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