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What will Alvis report in the balance sheet

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Question - Alvis Corporation reports pretax accounting income of $580,000, but due to a single temporary difference, taxable income is only $335,000. At the beginning of the year, no temporary differences existed.

Required -

1. Assume a tax rate of 40%, what will be Alvis's net income?

2. What will Alvis report in the balance sheet pertaining to income taxes?

Reference no: EM132578327

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