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I thought I calculated this correctly, however it seems my calculations were wrong. Could someone kindly provide me with guidance? Instructions would be appreciated. Robinson
I thought I calculated this correctly, however it seems my calculations were wrong. Could someone kindly provide me with guidance? Instructions would be appreciated.
Robinson Company had a net deferred tax liability of $35,088 at the beginning of the year, representing a net taxable temporary difference of $103,200 (taxed at 34%). During the year, Robinson reported pretax book income of $403,200. Included in the computation were favorable temporary differences of $53,200 and unfavorable temporary differences of $21,600. During the year, Congress reduced the corporate tax rate from 34% to 21%. Robinson's deferred income tax expense or benefit for the current year would be: Multiple Choice Net deferred tax benefit of $6,636. Net deferred tax expense of $6,636. Net deferred tax benefit of $6,780. Net deferred tax expense of $6,780Step by Step Solution
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