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QUESTION
At December 31, 2012, Hillyard Corporation has a deferred tax asset of $200,000.
At December 31, 2012, Hillyard Corporation has a deferred tax asset of $200,000. After a careful review of all available evidence, it is determined that it is more likely than not that $60,000 of this deferred tax asset will not be realized. Prepare the necessary journal entry.
