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Please just show the three answers for the boxes at the bottom (1 account title with a value, under a specific heading. Only show calculations
Please just show the three answers for the boxes at the bottom (1 account title with a value, under a specific heading.
Only show calculations if you are 100% sure the answers are accurate.
Thank you.
Exercise 19-9 At December 31, 2016, Bramble Company had a net deferred tax liability of $394,900. An explanation of the items that compose this balance is as follows. Resulting Balances in Deferred Taxes Temporary Differences 1. Excess of tax depreciation over book depreciation $209,000 Accrual, for book purposes, of estimated loss contingency from pending lawsuit that is expected to be settled in 2017. The loss will be deducted on the tax return when paid. Accrual method used for book purposes and installment method used for tax purposes for an isolated installment sale of an investment. 2. (52,200) 238,100 $394,900 3. In analyzing the temporary differences, you find that $28,100 of the depreciation temporary difference will reverse in 2017, and $124,700 of the temporary difference due to the installment sale will reverse in 2017, The tax rate for all years is 40%. Indicate the manner in which deferred taxes should be presented on Bramble Company's December 31, 2016, balance sheet Bramble Company's Balance Sheet December 31, 2016 SHOW LIST OF ACCOUNTSStep by Step Solution
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