Deferred tax asset with previous valuation account

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Reference no: EM13765252

(Deferred Tax Asset with Previous Valuation Account) Assume the same information as E19-14B, except that at the end of 2013, NovaSci, Inc. had a valuation account related to its deferred tax asset of $125,000.

Instructions

(a) Record income tax expense, deferred income taxes, and income taxes payable for 2014, assuming that it is more likely than not that the deferred tax asset will be realized in full.

(b) Record income tax expense, deferred income taxes, and income taxes payable for 2014, assuming that it is more likely than not that one-half of the deferred tax asset will be realized.

Reference no: EM13765252

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