Liability for estimated expenses

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Reference no: EM133716429

Question: At the end of 2023, Payne Industries had a deferred tax asset account with a balance of $90 million attributable to a temporary book-tax difference of $360 million in a liability for estimated expenses. At the end of 2024, the temporary difference is $272 million. Payne has no other temporary differences and no valuation allowance for the deferred tax asset. Taxable income for 2024 is $648 million and the tax rate is 25%.

Reference no: EM133716429

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