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Home Q & A Board Other Fields Homework Help Business Accounting
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Tomm Tomm
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6 years ago
Automatic Train Company, whose income tax rate is 40%, has taxable income of $856,000 and pretax accounting income of $813,000. Under IFRS the entry to record the income tax includes a:
A) credit to Deferred Tax Liability for $17,200
B) debit to Deferred Tax Asset for $17,200
C) credit to Income Tax Payable for $325,200
D) debit to Income Tax Expense for $342,400
Textbook 
Financial Accounting, Canadian Edition

Financial Accounting, Canadian Edition


Edition: 5th
Authors:
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ACC 925
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TheSinTheSin
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6 years ago
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6 years ago
Just got PERFECT on my quiz
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Good timing, thanks!
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