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Question 5 0.92/1 View Policies Show Attempt History Current Attempt in Progress Vaughn Company has the following two temporaYour answer is correct. Assuming there were no temporary differences prior to 2017, prepare the journal entry to record incomYour answer is partially correct. Indicate how deferred taxes will be reported on the 2019 balance sheet. Vaughns product waEverything is correct except for the Deferred Tax Liability amount. I also tried submitting the answer without parenthesis and it was still incorrect. Please help

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Answer #1

Solution:

Net deferred tax liability to be reported on balance sheet = Deferred tax liability - Deferred tax assets

= $31,440 - $14,960 = $16,480

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