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Determine the amount of excel deferred tax asset

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Question - Excel Corporation reports income tax expense and income tax payable of $1,225,000 and $1,275,000, respectively. Assume that Excel only will be able to use $140,000 of any deferred tax asset, while the balance expiring unused.

Determine the amount of Excel's deferred tax asset and any necessary valuation allowance, and construct the appropriate journal entry that Excel would record?

Reference no: EM132643210

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