Amelia, Inc., is a domestic corporation with the following balance sheet for book and tax purposes at the end of the year.Assume a 34% corporate tax rate and no valuation allowance. 
Amelia, Inc.'s, book income before tax is $25,200.Amelia records two permanent book-tax differences.
It earned $1,000 in tax-exempt municipal bond interest and $1,840 in nondeductible meals and
entertainment expense.Determine Amelia'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:
Majority Votes
A decision-making process where the option receiving more than half of the votes from a group is selected or approved.
Special Funds
Financial resources set aside for a specific purpose or project, often within a larger organization or government.
Task Groups
Groups formed with the specific purpose of completing a particular task or achieving a targeted outcome.
Individual Goals
Objectives or aims that a person aims to achieve on a personal level.
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