At December 31, 2019, Chai Inc. had a deferred tax asset of $40,000. At December 31, 2020,

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At December 31, 2019, Chai Inc. had a deferred tax asset of $40,000. At December 31, 2020, the deferred tax asset is $62,000. The corporation's 2020 current tax expense is $70,000. What amount should Chai report as total 2020 income tax expense? Prepare the journal entries to record income taxes for 2020.

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Intermediate Accounting Volume 2

ISBN: 9781119497042

12th Canadian Edition

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy

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