Business, 20.03.2020 03:10 kernlife

Windsor Corp. has a deferred tax asset account with a balance of $163,880 at the end of 2016 due to a single cumulative temporary difference of $409,700. At the end of 2017, this same temporary difference has increased to a cumulative amount of $470,800. Taxable income for 2017 is $861,700. The tax rate is 40% for all years. At the end of 2016, Windsor Corp. had a valuation account related to its deferred tax asset of $44,800.

(a) Record income tax expense, deferred income taxes, and income taxes payable for 2017, assuming that it is more likely than not that the deferred tax asset will be realized in full.
(b) Record income tax expense, deferred income taxes, and income taxes payable for 2017, assuming that it is more likely than not that none of the deferred tax asset will be realized.

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Windsor Corp. has a deferred tax asset account with a balance of $163,880 at the end of 2016 due to...

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