At the beginning of 2025 , Cullumber, Inc. had a deferred tax asset of $14500...
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Accounting
At the beginning of 2025 , Cullumber, Inc. had a deferred tax asset of $14500 and a deferred tax liability of $24500. Pre-tax accounting income for 2025 was $1390000 and the enacted tax rate is 20%. The following items are included in Cullumber's pre-tax income: Which of the following is required to adjust Cullumber's deferred tax asset to its correct balance at December 31, 2025? A debit of $32400 A debit of $35300 Acredit of $32400 A credit of $49800
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