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= Homework: Week Two The following information is available for the first 4 years of operations for Lodestar Corporation: (Click the icon to view
= Homework: Week Two The following information is available for the first 4 years of operations for Lodestar Corporation: (Click the icon to view the information.) Question 22, P17-4 (similar to) Part 1 of 12 On January 2, 2018, the firm acquired heavy equipment costing $150,000 in a cash transaction. The equipment had a useful life of 5 years and no scrap value. The firm used the straight-line method of depreciation for book purposes; see the following for the tax depreciation taken each year: HW Score: 26.47%, 5.82 of 22 points Points: 0 of 1 Save On January 2, 2019, the firm collected $132,000 in advance for rental of a building for a 3-year period. The firm reported the entire $132,000 as taxable income in 2019, but $88,000 of the advance collection was unearned at December 31, 2019. The $88,000 was earned evenly over the next 2 years (i.e., 2020 and 2021). Read the requirements. (Click the icon to view the tax depreciation.) Requirement a. Determine the balance of the deferred tax accounts at the end of 2021. (Enter a "0" for any zero balances. Use a minus sign or parentheses for amounts that represent a future taxable amount and a deferred tax liability.) Future Deductible Temporary Difference Book Basis Tax Basis (Taxable) Amount Tax Rate Deferred Tax Asset (Liability) % % Help me s Data table 2018 49,500 Tax Depreciation 2019 2020 2021 Total $ 67,500 $ 22,500 $ 10,500 $ 150,000 Print Done Data table Taxable Income (incorporates all Year information presented) Enacted Tax Rate (%) 2018 $ 150,000 30% 2019 110,000 30 2020 99,000 30 2021 160,000 30 Print Done Check answer
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