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Asked Jan 28, 2020
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Youngman Corporation has temporary differences at December 31, 2020, that result in the following deferred taxes. Deferred tax asset $24,000 Deferred tax liability 69,000 Indicate how these balances would be presented in Youngman's December 31, 2020, statement of financial position.

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Step 1

Deferred tax asset: When the income tax expense account is more than the income tax payable account, this difference is known as deferred tax asset.

Deferred tax liability:...

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