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Determine the amount of ion deferred tax asset

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Question - Ion Corporation has income tax expense/payable for book purposes of $346,560 and $433,200 for tax purposes. Assume that Ion only will be able to use $51,984 of any deferred tax asset with the balance expiring.

Determine the amount of Ion's deferred tax asset and valuation allowance, and construct the appropriate journal entry that Ion would record.

Reference no: EM132430228

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