Saginaw Inc. completed its first year of operations with a pretax loss of $700,000. The tax...

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Saginaw Inc. completed its first year of operations with a pretax loss of $700,000. The tax return showed a net operating los

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Transaction	General Journal	Debit	Credit
b
	Deferred tax expense (175000*0.34)	59500
	Deferred tax liability		59500
	To record the deferred tax consequences of the depreciation

Note:

Tax rate is not given but assumed as 34% given in regular questions

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Answer 2

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