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Home Dismiss Get Office 365 Difference (Favorable) Unfavorable edit and save, an Office 365 subscriptions required. (1 Books Item (Dr) Cr Depreciation expense 562.400,000) Gain fined asset disposition 54,00 Baddest expense (165.000) Warranty expense 1580,000) Deferred compensation (300.000) (2) Tax (Dr) CF 513,100,000) 70,000 195.000 (410.000) (450.000) $700,000) 16.000 70.000 170,000 (150.000) 1. (counts as 2 questions) Describe the scenario about regarding the gain above. Use a made- up example to explain how the book gain was $54,000 but the taxable gain was $70,000 2. What were the total tax to be paid on the gain (assuming 21 percent rate)? Ignore the other items. Show work 3. What is the additional tax due to the unfavorable book/tax difference on the gain? Show work 4 Deferred compensation is typically an unfavorable book tax difference. Explain why and how preferably with a numeric example. 5. In the example of the table above, deferred compensation represents a temporary favorable difference. Explain why and how this could happen? Hint: The answer is very simple and relates to the very nature of temporary differences 6. (each one counts as half a question) Provide a simple definition to the following terms: Depreciation expense Depreciation deduction Pre-tax GAAP income Taxable income Book basis Tax basis 1816 24/06/2020 Home Dismiss Get Office 365 Difference (Favorable) Unfavorable edit and save, an Office 365 subscriptions required. (1 Books Item (Dr) Cr Depreciation expense 562.400,000) Gain fined asset disposition 54,00 Baddest expense (165.000) Warranty expense 1580,000) Deferred compensation (300.000) (2) Tax (Dr) CF 513,100,000) 70,000 195.000 (410.000) (450.000) $700,000) 16.000 70.000 170,000 (150.000) 1. (counts as 2 questions) Describe the scenario about regarding the gain above. Use a made- up example to explain how the book gain was $54,000 but the taxable gain was $70,000 2. What were the total tax to be paid on the gain (assuming 21 percent rate)? Ignore the other items. Show work 3. What is the additional tax due to the unfavorable book/tax difference on the gain? Show work 4 Deferred compensation is typically an unfavorable book tax difference. Explain why and how preferably with a numeric example. 5. In the example of the table above, deferred compensation represents a temporary favorable difference. Explain why and how this could happen? Hint: The answer is very simple and relates to the very nature of temporary differences 6. (each one counts as half a question) Provide a simple definition to the following terms: Depreciation expense Depreciation deduction Pre-tax GAAP income Taxable income Book basis Tax basis 1816 24/06/2020