Assume it is the first year of operations. When pretax accounting income exceeds taxable income, a:
A)Deferred Tax Asset is debited.
B)Deferred Tax Liability is credited.
C)Deferred Tax Asset is credited.
D)Deferred Tax Liability is debited.

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The Answer of Assume it is the first year of operations. When pretax accounting income exceeds taxable income, a:
A)Deferred Tax Asset is debited.
B)Deferred Tax Liability is credited.
C)Deferred Tax Asset is credited.
D)Deferred Tax Liability is debited.

Assume It Is the First Year of Operations