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 Permanent differences $179, 100 (13,600) 165,500

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 Permanent differences $179, 100 (13,600) 165,500 (11,700) $153,800 Temporary difference-depreciation Taxable income Cumulative future taxable amounts all from depreciation temporary differences: As of December 31, 2020 As of December 31, 2021 $12,500 $24, 200 The enacted tax rate was 21% for 2020 and thereafter. What should be the balance in Kent's deferred tax liability account as of December 31, 2021? What should be the balance in Kent's deferred tax liability account as of December 31, 2021? Multiple Choice $3,875 $5,082 $24,200. 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

Audit Committee And Audit Quality

Authors: AMINU ALKASIM FAGO, ENIOLA SAMUEL AGBI, MOHAMMED NMA AHMED

1st Edition

6204209868, 978-6204209869

More Books

Students also viewed these Accounting questions

Question

Sita in ramayana accepting morality

Answered: 1 week ago

Question

Explain the nature of human resource management.

Answered: 1 week ago

Question

Write a note on Quality circles.

Answered: 1 week ago

Question

Describe how to measure the quality of work life.

Answered: 1 week ago