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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
European Rail Corporation, whose income tax rate is 40%, has taxable income of $815,000 and pretax accounting income of $846,000. Under IFRS the entry to record the income tax includes a:
A) credit to Deferred Tax Liability for $12,400
B) debit to Deferred Tax Asset for $12,400
C) debit to Income Tax Expense for $326,000
D) credit to Income Tax Payable for $338,400
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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Tomm Author
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6 years ago
You make an excellent tutor!
aznzergs
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Correct Slight Smile TY
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Brilliant ツ
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