Question
30) Apple, Inc. had pre-tax accounting income of $2,500,000 and a tax rate of 20% in 2021, its first year of operations. During 2021 the
30) Apple, Inc. had pre-tax accounting income of $2,500,000 and a tax rate of 20% in 2021, its first year of operations. During 2021 the company had the following transactions: Received rent from York, Co. for 2022 $ 85,000 Municipal bond income $150,000 Depreciation for tax purposes in excess of book depreciation $60,000 Compute the deferred tax asset balance at December 31, 2021.
31) Washington Corporation reported $200,000 in revenues in its 2021 financial statements, of which $44,000 will not be included in the tax return until 2022. The enacted tax rate is 30% for 2021 and 25% for 2022. What amount should Washington report for deferred income tax liability in its balance sheet at December 31, 2021?
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