Question: Question 15 (2 points) For three consecutive years, 2018-2020, Twins Corporation has reported income before taxes of $150,000 for both financial reporting purposes and tax
Question 15 (2 points) For three consecutive years, 2018-2020, Twins Corporation has reported income before taxes of $150,000 for both financial reporting purposes and tax reporting purposes. During this time, Twins income tax rates were as follows: 2018 2019 2020 205 258 309 In 2021, Twins' tax rate changed to 35 percent which expected to stay the same in future years. Also in 2021, the company reported a loss for both financial reporting and tax reporting purposes of $100,000. Assuming the company uses the carry forward provisions, calculate the amount Twins' should report as a deferred tax asset
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