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During 2023, accounting income included an estimated loss of $38 million from having accrued a...

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Accounting

During 2023, accounting income included an estimated loss of $38 million from having accrued a loss contingency. The loss was paid in 2024, at which time it is tax deductible. At January 1, 2024, Arndt had a deferred tax asset of $20 million and no deferred tax liability. 3. Compute the deferred tax amounts that should be reported on the 2024 balance sheet.

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