Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Information for Kent Corp. for the year 2021: Reconciliation of pretax accounting income and taxable income: Pretax accounting income $ 180,700 Permanent differences (14,600) 166,100

image text in transcribedimage text in transcribed

Information for Kent Corp. for the year 2021: Reconciliation of pretax accounting income and taxable income: Pretax accounting income $ 180,700 Permanent differences (14,600) 166,100 Temporary difference-depreciation (10,800) Taxable income $ 155,300 Cumulative future taxable amounts all from depreciation temporary differences: As of December 31, 2020 As of December 31, 2021 $ $ 12,900 23,700 The enacted tax rate was 24% for 2020 and thereafter. What should be the balance in Kent's deferred tax liability account as of December 31, 2021? A) $4386. B) $23,700. C) $5688. D) None of these answer choices are correct

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Development Of Accounting And Auditing Systems In China

Authors: Xu-Dong Ji

1st Edition

0415792886, 978-0415792882

More Books

Students also viewed these Accounting questions