Beta Corporation incurs a $60,000 regular tax liability and a $20,000 AMT liability. Assuming no restrictions on Beta's ability to use the minimum tax credit, what journal entry would be necessary to record tax expense?
A) Federal income tax expense 60,000
Deferred tax asset 20,000
Taxes payable 80,000
B) Federal income tax expense 80,000
Taxes payable 80,000
C) Federal income tax expense 60,000
Taxes payable 60,000
D) Federal income tax expense 80,000
Deferred tax asset 20,000
Taxes payable 60,000