Required: А. Calculate taxable income for 2020. В. Prepare the journal entry necessary to record income taxes at the end of 2020. С. How would any deferred tax amounts be reported on a classified balance sheet?

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A:

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A:

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Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.