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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
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.
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