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Megan Industries has a December 31 year end. At the beginning of 2021 , the cumulative taxable temporary differences are $160,000, cumulative deductible temporary differences
Megan Industries has a December 31 year end. At the beginning of 2021 , the cumulative taxable temporary differences are $160,000, cumulative deductible temporary differences are $50,000 and the NOL carryforward is $600,000. The taxable temporary differences are the result of tax depreciation exceeding book depreciation. The deductible temporary differences are deferred revenues. Management records an allowance for 80% of any deferred tax assets. The tax rate in all years is 20%. What are the beginning balances for the tax related accounts on Megan's balance sheet at January 1, 2021
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