Business, 16.04.2020 18:08 ksanquist8896

Differences between pretax accounting income and taxable income were as follows during 2021: ($ in millions) Pretax accounting income $ 300 Permanent difference (24 ) 276 Temporary difference (16 ) Taxable income $ 260 The cumulative temporary difference as of the end of 2021 is $40 million (also the future taxable amount). The enacted tax rate is 25%. What is the deferred tax asset or liability to be reported in the balance sheet

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Differences between pretax accounting income and taxable income were as follows during 2021: ($ in m...