At December 31, 2011, Aminder Corporation has a future tax asset of $340,000. After a careful review

Question:

At December 31, 2011, Aminder 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. Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...