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Graphics, Inc. has a deferred tax asset of $4,000,000 on its books. As of December 31, it became more likely than not that $2,000,000 of the asset’s value may never be realized because of the uncertainty of future income. Graphics, Inc. should: A. not make any adjustments until it is certain that the tax benefits will not be realized. B. reverse the asset account permanently by $2,000,000. C. reduce the asset by establishing a valuation allowance of $2,000,000 against the asset. |