Question

At December 31, 2011, Aminder Corporation has a future tax asset of $340,000. After a careful review of all available evidence, it is determined that it is more likely than not that $70,000 of this future tax asset will not be realized.
Prepare the necessary journal entry assuming
(a) That Aminder does not use a valuation allowance account
(b) That Aminder does use a valuation allowance account.


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  • CreatedAugust 23, 2015
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