Question: Question 1 ABC Ltd has a taxable temporary difference of $60000 and another taxable temporary difference of $17000. It also has a deductible temporary difference

Question 1 ABC Ltd has a taxable temporary difference of $60000 and another taxable temporary difference of $17000. It also has a deductible temporary difference of $12000. Taxable income for the year is $15000. Prepare the journal entry to record the income tax expense for the year. Assume tax rate of 20%. Question 2 ABC Ltd had taxable income of $7,000, tax depreciation of $5,000, accumulated depreciation of $2,000, and accrued warranty expense of $500. What is ABC's pretax accounting income

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