CHANGE IN DEFERRED INCOME TAX Delta Sales Corporation had the following deferred income tax (credit) balances at the end of 19x5 and 19x6 19x5 $248,000 19x6 281,000 The income tax rate is 34 REQUIRED Determine by how much 19x6 tax return (accelerated) depreciation must have exceeded income statemen...

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CHANGE IN DEFERRED INCOME TAX. Delta Sales Corporation had the following deferred income tax (credit) balances at

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CHANGE IN DEFERRED INCOME TAX. Delta Sales Corporation had the following deferred income tax (credit) balances at the end of 19x5 and 19x6:

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Financial Accounting

ISBN: 9780070213555

5th Edition

Authors: Robert K. Eskew, Daniel L. Jensen

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Question Posted: Jun 14, 2024 01:32 AM

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CHANGE IN DEFERRED INCOME TAX. Delta Sales Corporation had the following deferred income tax (credit) balances at

Question:

19x5 $248,000 19x6 281,000 The income tax rate is 34%. REQUIRED: Determine by how much 19x6 tax return (accelerated) depreciation must have exceeded income statement (straight-line) depreciation to cause deferred income tax to increase as it did between 19x5 and 19x6.

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Financial Accounting

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