What amount should greta record as the deferred tax asset

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Reference no: EM133654156

Question: Greta Corp. reported the following results for calendar Y3, its first year of operations: Pre-tax accounting income $250,000 Taxable income 400,000 The difference between accounting income and taxable income is due to a temporary difference, which will reverse in Y4. Assuming that the enacted tax rates in effect are 30% in Y3 and 25% in Y4, what amount should Greta record as the deferred tax asset or liability for calendar Y3?

Reference no: EM133654156

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