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Yount Inc.'s auditors prepared the following reconciliation between book and taxable income. Yount's tax rate is 21 percent.
Net income before tax $378,200
Perma nent book/tax differences (33,500)
Temporary book/tax differences 112,400
Taxable income $457,100
Question a. Compute Yount's tax expense for financial statement purposes.
Question b. Compute Yount's tax payable.
Question c. Compute the net increase in Yount's deferred tax assets or deferred tax liabilities (identify which) for the year.
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An extensive consultation paper has been provided to you related to the Conceptual Framework from the International Public Sector Accounting Standards Board.
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