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Exercise $16-1($Algo$)$ Temporary difference; taxable income given; financial statement effects $[$LO$16-1,162,16-8$

Alvis Corporation reports pretax accounting income of $$440,000,$ but due to a single temporary difference, taxable income is only $$280,000,$ At the beginning of the year, no temporary differences existed.

Required:

Assuming a tax rate of $25\%,$ what will be Alvis's net income?

What will Alvis report in the balance sheet pertaining to income taxes?

Complete this question by entering your answers in the tabs below.

Assuming a tax rate of $25\%,$ what will be Alvis's net income?