Use the information for Kyle Inc given in BE18 14 Assume
Use the information for Kyle Inc. given in BE18-14. Assume now that Kyle earns taxable income of $25,000 in 2012 and that at the end of 2012 there is still too much uncertainty to recognize a future tax asset. Prepare all the jour nal entries that are necessary at the end of 2012 assuming
(a) That Kyle does not use a valuation allowance account,
(b) That Kyle does use a valuation allowance account.
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