Saginaw Inc. completed its first year of operations with a pretax loss of $692,500. The tax return showed a net operating loss of $884,500, which the company will carry forward. The $192,000 book–tax difference results from excess tax depreciation over book depreciation. Management has determined that it should record a valuation allowance equal to the net deferred tax asset. Assuming the current tax expense is zero, prepare the journal entries to record the deferred tax provision and the valuation allowance. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Missing word "Tax rate is 34 percent"

Date  Particulars                                              Debit         Credit

          Deferred tax asset (884,500*34%)   $300,730

                 Deferred tax benefit                                        $300,730

          (To record the deferred tax consequences of the current year NOL)

          Deferred tax asset (192,000*34%)    $65,280

                 Deferred tax benefit                                        $65,280

          (To record the deferred tax consequences of the depreciation)

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explanation:

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