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Business, 26.11.2019 02:31 Dallas6797

Ovate, inc., earns $140,000 in book income before tax and is subject to a 35% marginal federal income tax rate. ovate records a single temporary' difference. warranty expenses deducted for book purposes are $8,000 of which only $2,000 are deductible for tax purposes. determine the amount of onate's deferred tax asset or liability.

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Ovate, inc., earns $140,000 in book income before tax and is subject to a 35% marginal federal incom...

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