Based on the below what are the journal entries Description ...
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Accounting
Based on the below what are the journal entries
| Description | Amount |
| Book basis of accumulated depreciation (450,000 + 46,000) | -$496,000 |
| Tax basis of accumulated depreciation (380,000 + 38,000) | -$418,000 |
| Temporary difference (496,000-418,000) | -$78,000 |
| Tax rate @21% | -$16,380 |
| Gross deferred tax liability | -$16,380 |
|
|
|
| Book basis of accrued litigation | $0 |
| Tax basis of accrued litigation | -$50,000 |
| Temporary difference | $50,000 |
| tax rate @21% | $10,500 |
| Gross deferred tax asset | $10,500 |
|
|
|
| Net deferred tax liability | -$5,880 |
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