(a) Record income tax expense, deferred income taxes, and income taxes payable for 2025, assuming that it is more likely than not that the deferred tax asset will be realized in full. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Income Tax Expense Deferred Tax Asset Income Tax Payable (To record income tax expense) Allowance to Reduce Deferred Tax Asset to Expected Realiz Income Tax Expense (To adjust allowance account) Debit 159600 17200 17200 Credit 176800 17200 (b) Record income tax expense, deferred income taxes, and income taxes payable for 2025, assuming that it is more likely than not that none of the deferred tax asset will be realized. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)

(a) Record income tax expense, deferred income taxes, and income taxes payable for 2025, assuming that it is more likely than not that the deferred tax asset will be realized in full. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Income Tax Expense Deferred Tax Asset Income Tax Payable (To record income tax expense) Allowance to Reduce Deferred Tax Asset to Expected Realiz Income Tax Expense (To adjust allowance account) Debit 159600 17200 17200 Credit 176800 17200 (b) Record income tax expense, deferred income taxes, and income taxes payable for 2025, assuming that it is more likely than not that none of the deferred tax asset will be realized. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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