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Corning-Howell reported taxable income in 2021 of $120 million. At December 31, 2021, the reported amount of some assets and

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Above question is about calculation of deferred tax asset and deferred tax liability. And Thier increase ( decrease) in deferred tax asset and deferred tax liability accounts at Dec 31,2021. And determination of income tax payable during the current year and relating journal entry to record income taxes for 2021. Refer the below images for more detailed solution.

solution : - Determine liability asset and deferred tax the total amounts at deferred tax Dec 31, 2021 Clin millions) TemporaDeferred Tax Asset Tax liability 25.0 Deferred 156.25 13.75 23 I 27.5 152.50 l tax payable currently for the year ③. Determin

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