Blossom Corporation has a deferred tax asset at December 31, 2022 of $135,000 due to the recognition of potential tax benefits of an operating loss carryforward. The enacted tax rates are as follows: 30% for 2019-2021 25% for 2022 and 20% for 2023 and thereafter. Assuming that management expects that only 50% of the related benefits will actually be realized, a valuation account should be established in the amount of:

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Answer 65000 Valuation allowances are just like a provision for doubt... View the full answer