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Question: Corporation reports an income tax expense/payable for book purposes of $200,000 and $250,000 for tax purposes. According to Ion's management and financial auditors, Ion will only be able to use $30,000 of any deferred tax asset, with the balance expiring unused. Determine the amount of Ion's deferred tax asset and valuation allowance from this year's activities, and construct Ion's related journal entry for these items.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92572426

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