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Business, 19.04.2021 16:00 yasarhan2

In 2010, the San Marcos Company received insurance proceeds of $300,000 payable upon the death of its previous top executive officer. For financial reporting purposes, San Marcos included the $300,000 in pretax accounting income. The life insurance proceeds are exempt from income taxes. Assuming an income tax rate of 30%, what should be reported as deferred tax asset or liability in the 2010 balance sheet of San Marcos for this difference

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