Question - How did you get your answers to the question Ion Corporation has an income tax expense/payable for book purposes of $495,200 and $594,240 for tax purposes. According to Ion's management and financial auditors, Ion will only be able to use $59,424 of any deferred tax asset with the balance expiring.
Determine the amount of Ion's deferred tax asset and valuation from this year's activities, and construct Ion's related journal entry for these items.