What would be the full journal entry to record the amount

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Giada Foods reported $940 million in income before income taxes for 2021, its first year of operations. Tax depreciation exceeded depreciation for financial reporting purposes by $100 million. The company also had non-tax-deductible expenses of $80 million relating to permanent differences. The income tax rate for 2021 was 25%, but the enacted rate for years after 2021 is 30%.

Question 1: The balance in the deferred tax liability in the December 31, 2021, balance sheet is:

A. $16 million

B. $25 million

C. $30 million

D. $54 million

Question 2: What would be the full journal entry to record the above amount ?

Reference no: EM132486733

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