Mitrac Corporation, whose income tax rate is 35%, has pretax accounting income of $636,000 and taxable income of $748,000. Under IFRS, the entry to record the income tax includes a:
A) debit to Income Tax Expense for $261,800
B) credit to Income Tax Payable for $222,600
C) debit to Deferred Tax Asset for $39,200
D) credit to Deferred Tax Liability for $39,200
Correct Answer:
Verified
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