At December 31, 2016, Chai Inc. had a deferred tax asset of $40,000. At December 31, 2017,

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At December 31, 2016, Chai Inc. had a deferred tax asset of $40,000. At December 31, 2017, the deferred tax asset is $62,000. The corporation's 2017 current tax expense is $70,000. What amount should Chai report as total 2017 income tax expense? Prepare the journal entries to record income taxes for 2017.
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Intermediate Accounting

ISBN: 978-1119048541

11th Canadian edition Volume 2

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

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