Black, Inc., is a domestic corporation with the following balance sheet for book and tax purposes at the end of the year.Assume a 35% corporate tax rate and no valuation allowance. 
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Black, Inc.'s, book income before tax is $6,000.Black records two permanent book-tax differences.
It earned $250 in tax-exempt municipal bond interest, and it incurred $500 in nondeductible meals
and entertainment expense.Determine Black's change in net deferred tax asset or net deferred tax
liability for the current year, and provide the journal entry to record this amount.
Definitions:
Dissociate
Ionization in which ions are dissolved in water and the cations and anions are surrounded by water molecules.
Charge
In physics, charge refers to a property of matter that causes it to experience a force when near other electrically charged matter; there are two types, positive and negative, which attract each other.
Solvent
Liquid that holds another substance in solution.
Anion
Ion carrying a negative charge.
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