Question: E19.10 (LO 1,2) (Two Temporary Differences, One Rate, Beginning Deferred Taxes, Compute Pretax Financial Income) The following facts relate to Duncan Corporation. 1. Deferred tax

E19.10 (LO 1,2) (Two Temporary Differences, One Rate, Beginning Deferred Taxes, Compute Pretax Financial Income) The following facts relate to Duncan Corporation. 1.

E19.10 (LO 1,2) (Two Temporary Differences, One Rate, Beginning Deferred Taxes, Compute Pretax Financial Income) The following facts relate to Duncan Corporation. 1. Deferred tax liability, January 1,2020, $30,000. 2. Deferred tax asset, January 1, 2020, $10,000. 3. Taxable income for 2020, $105,000. 4. Cumulative temporary difference at December 31, 2020, giving rise to future taxable amounts, $230,000 5. Cumulative temporary difference at December 31, 2020, giving rise to future deductible amounts, $95,000. 6. Tax rate for all years, 20%. No permanent differences exist. 7. The company is expected to operate profitably in the future

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