Business, 11.10.2020 23:01 hanjonez

Allied Corp. has a deferred tax asset balance of $130,000 on December 31, 2020, due to a temporary difference related to a warranty expense accrual that is not deductible for tax purposes. The deferred tax asset balance has increased $26,000 over the prior year ending balance of $104,000. Taxable income for 2020 is $546,000 and the tax rate is 25%. There is a $31,200 beginning balance in the valuation allowance. Required
a. Record the income tax journal entry on December 31, 2020, assuming that it is more likely than not that the deferred tax asset will be realized.
• Note: List multiple debits (when applicable) in alphabetical order and list multiple credits (when applicable) in alphabetical order. row of the journal entry.
b. Record the income tax journal entries on December 31, 2020, assuming that it is more likely than not that only 60% of the deferred tax asset will be realized.
• Note: List multiple debits (when applicable) in alphabetical order and list multiple credits (when applicable) in alphabetical order.
• Note: If the journal entry includes an extra line that is not required, select "N/A" as the account name and leave the Dr. and Cr. answers blank (zero) in the very row of the journal entry.

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Allied Corp. has a deferred tax asset balance of $130,000 on December 31, 2020, due to a temporary d...

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